Fed jitters continue to weigh over bitcoin and broader crypto market. Cardano's ADA drops 10%, trimming recent gains. reports godbole17
The crypto market is a sea of red again, with recent out-performers like programmable blockchain cardano's ADA token leading major cryptocurrencies lower.
At press time, ADA was trading near $1.36, a 10.6% fall in the last 24-hour. Scaling solution Polygon's MATIC token fell 6% even as the network implemented Ethereum's fee-burning mechanism, which will destroy MATIC tokens making its supply deflationary. Solana's token SOL, binance token BNB, and ether each fell over 2%, while bitcoin traded 1% lower near $41,200, according to CoinDesk data.The token jumped nearly 60% to $1.
Cardano is likely to be in the news in the coming weeks."Keep eyes on the various scaling initiatives coming to Cardano the next months," ADA whale told CoinDesk in a Twitter chat."Cardano Chain is currently running at pretty much full capacity, block size likely increases by the end of the month, next month will see the Babbage hard fork, which helps things further.
"There have been selected alternative cryptocurrencies that are performing rather well, including cardano. We don't foresee these holding up very well if we continue in this 'risk-off' sentiment," Matthew Dibb, COO and co-founder of Stack Funds, told CoinDesk in a WhatsApp chat.Bitcoin and traditional market risk assets remain under pressure as bond yields continue to rise on expectations of earlier and quicker rate hikes by the Federal Reserve .
Early Wednesday, Anna Wong, chief U.S. economist for Bloomberg Economics, said that a 50-basis point interest rate hike is warranted at the Fed's March meeting,
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