ADA Slides 2% After 15% Weekly Surge as Cardano Unveils $100M DeFi Move and Major Upgrades

Cardano (ADA) is currently trading at $0.5702 on Binance, reflecting a 2.16% decline over the past 24 hours from an open of $0.5828. The recent price decrease can be attributed primarily to broader market volatility and a minor correction following a strong weekly rally, during which ADA gained over 15%. The drop also follows a sharp decline observed on June 22, linked to heightened geopolitical tensions in the Middle East, which impacted overall crypto sentiment despite positive network developments. Notable recent events include the Cardano Foundation's announcement to convert $100 million in ADA to Bitcoin and stablecoins to boost DeFi liquidity, the upcoming Leios protocol upgrade aimed at scalability, and the launch of the Midnight sidechain testnet with associated NIGHT token airdrop campaigns. ADA maintains a strong market capitalization of approximately $19.29 billion and a circulating supply of 35.36 billion, with robust liquidity and ongoing technical advancements supporting sustained user engagement.