The value of digital assets decreased on Thursday following a sudden sell-off in the cryptocurrency market. This drop happened at the same time as significant declines in U.S. stocks and precious metals, and futures for the Nasdaq 100 were also down.
Open interest in futures dropped 3.5% to $108 billion, and funding rates went negative as traders began to bet more on price declines.
As of today, Cardano (ADA) is trading at $0.2584, down 6.06% over the past 24 hours. This price decrease happened shortly after a bullish pattern, known as a golden cross, appeared on its hourly chart.
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On the hourly chart, the 50-day moving average rose above the 200-day moving average, forming a ‘golden cross’. This is an unexpected signal, especially considering the recent price decrease.
Even though Cardano recently showed a bullish signal called a ‘golden cross,’ its price has actually gone down, surprising those who expected it to rise. Trading activity has also decreased by 18% in the last day, suggesting traders are being cautious.
The crypto market saw $253 million in positions closed out (liquidated) recently. Most of these liquidations, around $203 million, were from traders who bet on prices going up (long positions), while $50 million came from those betting on price drops (short positions).
Bulls trapped?
Despite several efforts to increase in value, most cryptocurrencies have remained within the same price range they’ve been in since the beginning of February.
People who’ve held Cardano for the past year are currently facing average losses of around 43%. This puts the cryptocurrency in a position where a price increase could be likely, according to on-chain data.
Data on financial derivatives suggests that bets against Cardano (ADA) are at their highest level since June 2023. This could mean many traders are expecting the price to fall, but it also sets the stage for a possible ‘short squeeze’ – a rapid price increase that forces those betting against it to buy back in, potentially pushing the price even higher rather than continuing to fall.
Monument Bank, a U.K. bank known for its innovative approach, is planning to turn up to £250 million of its customers’ deposits into digital tokens on the Midnight blockchain, a secure and private system built using Cardano technology. This is a positive development for the bank and its customers.
As an analyst, I’m seeing this as a potentially groundbreaking move. It appears to be one of the first times a regulated bank has used a public blockchain to turn retail deposits into digital tokens. This could open the door for wider adoption of blockchain technology in traditional banking.
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2026-03-26 21:34