{"id":633230,"date":"2024-08-05T21:00:34","date_gmt":"2024-08-05T21:00:34","guid":{"rendered":"https:\/\/shenyangcang.com\/?p=633230"},"modified":"2024-08-05T13:05:42","modified_gmt":"2024-08-05T13:05:42","slug":"bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss","status":"publish","type":"post","link":"https:\/\/shenyangcang.com\/news\/bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss\/","title":{"rendered":"Bloody Monday: Cardano Not Spared From Bloodbath, Suffers 30% Loss"},"content":{"rendered":"<p>Cardano has been among the major coins that suffered miserably in the chaotic crypto market today: the <a href=\"https:\/\/www.coingecko.com\/en\/coins\/cardano\" rel=\"nofollow\">token lost 30%<\/a> in value in the last week. The broader market\u2019s slip and crash are to be blamed for the token\u2019s poor performance.<\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/stacks-stx-drops-23-but-recent-devs-might-slow-the-trend\/\">Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend<\/a><\/div>\n<p><span style=\"font-weight: 400\">The past 24 hours remain bloody, with the total market cap facing an over 13% <\/span><a href=\"https:\/\/www.coingecko.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">decrease<\/span><\/a><span style=\"font-weight: 400\">. Bitcoin and Ethereum, the two top cryptocurrencies, saw their prices decrease by 24% and 31% respectively since last week, showing the market\u2019s vulnerability to the <\/span><a href=\"https:\/\/www.investing.com\/news\/economy\/markets-are-getting-ahead-of-the-fed-bofa-3554107\" rel=\"nofollow\"><span style=\"font-weight: 400\">spreading<\/span><\/a><span style=\"font-weight: 400\"> macroeconomic fears in private equity.\u00a0<\/span><\/p>\n<h2><span style=\"font-weight: 400\">Cardano Remains Great\u2026 Back In July<\/span><\/h2>\n<p><span style=\"font-weight: 400\">On-chain, Cardano solidified its position as a major player in the crypto space. In a <\/span><a href=\"https:\/\/x.com\/Cardano_CF\/status\/41576146\" rel=\"nofollow\"><span style=\"font-weight: 400\">recent<\/span><\/a><span style=\"font-weight: 400\"> X post, the platform revealed several metrics that increased in July.\u00a0<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">Cardano&#8217;s July 2024 On-Chain Stats \ud83d\udcca<\/p>\n<p>We witnessed steady growth in <a href=\"https:\/\/twitter.com\/Cardano?ref_src=twsrc%5Etfw\" rel=\"nofollow\">@Cardano<\/a>&#8216;s on-chain activity last month &#8211; this momentum highlights Cardano&#8217;s dynamic, growing ecosystem and the ongoing engagement of the community.<\/p>\n<p>Let\u2019s continue building a decentralized future together. \ud83e\uddf1 <a href=\"https:\/\/t.co\/fvhwiG0qrq\" rel=\"nofollow\">pic.twitter.com\/fvhwiG0qrq<\/a><\/p>\n<p>\u2014 Cardano Foundation (@Cardano_CF) <a href=\"https:\/\/twitter.com\/Cardano_CF\/status\/41576146?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 5, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Metrics-wise, the platform remains solid with an increase in every aspect. This should translate to bigger gains or bullish investor behavior on ADA. However, the current environment dashed any possibility to keep investor confidence high.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">Benjamin Cowen, a crypto analyst, <\/span><a href=\"https:\/\/x.com\/intocryptoverse\/status\/38570758\" rel=\"nofollow\"><span style=\"font-weight: 400\">released<\/span><\/a><span style=\"font-weight: 400\"> a post that details a worst-case scenario for the token. However, analysts online are split in opinion on ADA. Although ADA shows almost no change in price since it peaked in May, analysts like <\/span><a href=\"https:\/\/x.com\/Eilert\/status\/63167925\" rel=\"nofollow\"><span style=\"font-weight: 400\">Ellert<\/span><\/a><span style=\"font-weight: 400\"> show the possibility that the token might rocket upwards again just like what it did in the past.<\/span><\/p>\n<blockquote class=\"twitter-tweet\">\n<p dir=\"ltr\" lang=\"en\">My friends,<\/p>\n<p>It is time. <a href=\"https:\/\/t.co\/sWR7yXDtgS\" rel=\"nofollow\">pic.twitter.com\/sWR7yXDtgS<\/a><\/p>\n<p>\u2014 Benjamin Cowen (@intocryptoverse) <a href=\"https:\/\/twitter.com\/intocryptoverse\/status\/38570758?ref_src=twsrc%5Etfw\" rel=\"nofollow\">August 2, 2024<\/a><\/p><\/blockquote>\n<p><span style=\"font-weight: 400\">Bullish or not, Cardano is a tested system that shows market downturn won\u2019t stop its operations. As August steps forward, the platform <\/span><a href=\"https:\/\/cardanocountdown.com\/\" rel=\"nofollow\"><span style=\"font-weight: 400\">enters<\/span><\/a><span style=\"font-weight: 400\"> its 501st epoch, meaning Cardano didn\u2019t have downtime for over 2,505 days. This remains the most notable achievement of the platform itself as downtimes are the bane of any blockchain network.\u00a0<\/span><\/p>\n<figure style=\"width: 2475px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tradingview.com\/x\/E7HbxfG9\/\" alt=\"\" width=\"2475\" height=\"1163\"><figcaption class=\"wp-caption-text\">ADA market cap currently at $10.4 billion. Chart: <a href=\"https:\/\/www.tradingview.com\/chart\/ajrdy9Lf\/\" target=\"_blank\" rel=\"noopener nofollow\">TradingView.com<\/a><\/figcaption><\/figure>\n<p><span style=\"font-weight: 400\">Despite this, investors are still on board the bullish thesis some analysts are pushing. Staked ADA stooped low as the market flipped from bullish to bearish, <\/span><a href=\"https:\/\/defillama.com\/chain\/Cardano\" target=\"_blank\" rel=\"noopener nofollow\"><span style=\"font-weight: 400\">prompting<\/span><\/a><span style=\"font-weight: 400\"> a 15-30% decrease in total value locked on Cardano-related chains.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400\">The selling pressure remains at a high level due to the market\u2019s continuous bearishness.<\/span><\/p>\n<figure id=\"attachment_633240\" aria-describedby=\"caption-attachment-633240\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-633240 size-full\" src=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?resize=1024%2C299\" alt=\"\" width=\"1024\" height=\"299\" srcset=\"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=1306 1306w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=460 460w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=768 768w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=860 860w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=750 750w, https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_e23f64.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-633240\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/defillama.com\/chain\/Cardano\" rel=\"nofollow\">DefiLlama<\/a><\/figcaption><\/figure>\n<h2><span style=\"font-weight: 400\">It Doesn\u2019t Look Good For ADA<\/span><\/h2>\n<p><span style=\"font-weight: 400\">If the market continues to push downward, there is no reason for the bears to stop their dominance within the market. <\/span><\/p>\n<p><span style=\"font-weight: 400\">The token\u2019s position is undefendable. As of writing, the bears are currently trying to break through the October 2023 price level of $0.302. If the bears succeed in taking this level, the token will fall more, possibly returning to pre-2024 prices.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/shenyangcang.com\/news\/binance-coin-in-turmoil-nearly-10-value-erased-in-market-shake-up\/\" target=\"_blank\" rel=\"noopener \">Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up<\/a><\/div>\n<p><span style=\"font-weight: 400\">This unprecedented market oversell could also be an opportunity for the bulls. With ADA at a steep discount after this week\u2019s bearish breakthrough, bulls can accumulate ADA at a lower price, thus easing the pressure in the short term giving enough time to stabilize the price.<\/span><\/p>\n<p><span style=\"font-weight: 400\">If this happens, $0.302 will be a strong support level for a shot upward, retaking the June-July price range of $0.407-$0.342.\u00a0<\/span><\/p>\n<p><em>Featured image from Pixabay, chart from TradingView<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cardano has been among the major coins that suffered miserably in the chaotic crypto market today: the token lost 30% in value in the last week. The broader market\u2019s slip and crash are to be blamed for the token\u2019s poor performance. Related Reading: Stacks (STX) Drops 23%, But Recent Devs Might Slow The Trend The past 24 hours remain bloody, with the total market cap facing an over 13% decrease. Bitcoin and Ethereum, the two top cryptocurrencies, saw their prices decrease by 24% and 31% respectively since last week, showing the market\u2019s vulnerability to the spreading macroeconomic fears in private equity.\u00a0 Cardano Remains Great\u2026 Back In July On-chain, Cardano solidified its position as a major player in the crypto space. In a recent X post, the platform revealed several metrics that increased in July.\u00a0 Cardano&#8217;s July 2024 On-Chain Stats \ud83d\udcca We witnessed steady growth in @Cardano&#8216;s on-chain activity last month &#8211; this momentum highlights Cardano&#8217;s dynamic, growing ecosystem and the ongoing engagement of the community. Let\u2019s continue building a decentralized future together. \ud83e\uddf1 pic.twitter.com\/fvhwiG0qrq \u2014 Cardano Foundation (@Cardano_CF) August 5, 2024 Metrics-wise, the platform remains solid with an increase in every aspect. This should translate to bigger gains or bullish investor behavior on ADA. However, the current environment dashed any possibility to keep investor confidence high.\u00a0 Benjamin Cowen, a crypto analyst, released a post that details a worst-case scenario for the token. However, analysts online are split in opinion on ADA. Although ADA shows almost no change in price since it peaked in May, analysts like Ellert show the possibility that the token might rocket upwards again just like what it did in the past. My friends, It is time. pic.twitter.com\/sWR7yXDtgS \u2014 Benjamin Cowen (@intocryptoverse) August 2, 2024 Bullish or not, Cardano is a tested system that shows market downturn won\u2019t stop its operations. As August steps forward, the platform enters its 501st epoch, meaning Cardano didn\u2019t have downtime for over 2,505 days. This remains the most notable achievement of the platform itself as downtimes are the bane of any blockchain network.\u00a0 Despite this, investors are still on board the bullish thesis some analysts are pushing. Staked ADA stooped low as the market flipped from bullish to bearish, prompting a 15-30% decrease in total value locked on Cardano-related chains.\u00a0 The selling pressure remains at a high level due to the market\u2019s continuous bearishness. It Doesn\u2019t Look Good For ADA If the market continues to push downward, there is no reason for the bears to stop their dominance within the market. The token\u2019s position is undefendable. As of writing, the bears are currently trying to break through the October 2023 price level of $0.302. If the bears succeed in taking this level, the token will fall more, possibly returning to pre-2024 prices.\u00a0 Related Reading: Binance Coin In Turmoil: Nearly 10% Value Erased In Market Shake-Up This unprecedented market oversell could also be an opportunity for the bulls. With ADA at a steep discount after this week\u2019s bearish breakthrough, bulls can accumulate ADA at a lower price, thus easing the pressure in the short term giving enough time to stabilize the price. If this happens, $0.302 will be a strong support level for a shot upward, retaking the June-July price range of $0.407-$0.342.\u00a0 Featured image from Pixabay, chart from TradingView<\/p>\n","protected":false},"author":557,"featured_media":633237,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,142,12332,6664,1742],"class_list":["post-633230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-altcoins","tag-cardano","tag-crypto","tag-digital-currency"],"acf":[],"yoast_head":"\n<title>Bloody Monday: Cardano Not Spared From Bloodbath, Suffers 30% Loss<\/title>\n<meta name=\"description\" content=\"Cardano has been among the major coins that suffered miserably in the chaotic crypto market today: the token lost 30% in value in the last week. 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But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn. Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats \u2013 a testament to his dedication to his furry companions (more on that later). Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley! So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill). Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair. Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin\u2019 helps him analyze and write meticulously formatted articles even better. Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies. Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects. So, the next time you tread into the world of cryptocurrency, remember the man behind the words \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/shenyangcang.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bloody Monday: Cardano Not Spared From Bloodbath, Suffers 30% Loss","url":"http:\/\/shenyangcang.com\/news\/bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/shenyangcang.com\/news\/bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss\/"},"thumbnailUrl":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_6de8e9.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_6de8e9.jpg?fit=1280%2C603"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","altcoins","cardano","crypto","digital currency"],"dateCreated":"2024-08-05T21:00:34Z","datePublished":"2024-08-05T21:00:34Z","dateModified":"2024-08-05T21:00:34Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bloody Monday: Cardano Not Spared From Bloodbath, Suffers 30% Loss\",\"url\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/shenyangcang.com\\\/news\\\/bloody-monday-cardano-not-spared-from-bloodbath-suffers-29-loss\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_6de8e9.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2024\\\/08\\\/a_6de8e9.jpg?fit=1280%2C603\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/shenyangcang.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"altcoins\",\"cardano\",\"crypto\",\"digital currency\"],\"dateCreated\":\"2024-08-05T21:00:34Z\",\"datePublished\":\"2024-08-05T21:00:34Z\",\"dateModified\":\"2024-08-05T21:00:34Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/shenyangcang.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/shenyangcang.com\/wp-content\/uploads\/2024\/08\/a_6de8e9.jpg?fit=1280%2C603","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/633230"}],"collection":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/comments?post=633230"}],"version-history":[{"count":0,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/posts\/633230\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media\/633237"}],"wp:attachment":[{"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/media?parent=633230"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/categories?post=633230"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/shenyangcang.com\/wp-json\/wp\/v2\/tags?post=633230"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}