Here's Why Cardano (ADA) Is Nosediving 9% Lower Today

Cardano ADA/USD is trading near session lows, down by 9.48% to $0.37 per Benzinga Pro, going into the close of Tuesday's U.S. trading session. The altcoin is lower amid concerns over the financial condition of cryptocurrency exchange FTX.

What Happened?

Trade Bitcoin, Ethereum, and More Instantly — No Wallets, No Hassle

Speculate on price movements, claim up to $200 in bonuses, and start with risk-free paper trading with crypto futures on Plus500.

Disclosure: 82% of retail CFD accounts lose money

Reports surfaced Tuesday that FTX was halting withdrawals as it saw investors liquidate positions.

As investors were dissecting the news and impact from the selloff, the leaders of Binance and FTX made a surprising announcement.

“This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” Binance CEO Changpeng Zhao tweeted...Read More

$ADACardano

$0.76182.50%