ADA Drops 5.59% Amid Treasury Conversion Proposal and Market Volatility, Hits 56-Day Low

Cardano (ADA) experienced a 5.59% decline over the past 24 hours, with the price falling from a 24h open of $0.6548 to $0.6182 on Binance. The sell-off is primarily attributed to ongoing bearish market sentiment, technical indicators signaling continued downward momentum, and recent news of heightened volatility. Additional factors influencing the decline include Cardano founder Charles Hoskinson’s proposal to convert $100 million ADA from the treasury into Bitcoin and stablecoins to support DeFi growth, which has generated significant discussion within the community. The asset also faced pressure from broader market trends and consolidation near its 56-day low, while analysts monitor for potential reversal signals. ADA is currently trading at $0.6182 with a market cap near $13.5 billion and a circulating supply of approximately 35.68 billion ADA, reflecting high trading activity and short-term bearish sentiment.