$ADA co-founder Charles Hoskinson proposed converting $100 million in ADA to stablecoins and Bitcoin to boost liquidity and support Cardano's DeFi ecosystem, currently with a low stablecoin ratio.

$ADA is under selling pressure, dropping from $0.72 and $0.69. The RSI shows bearish momentum, with a 2% weekly loss. A fall below $0.64 may lead to $0.50.

Bloomberg noted a 75% rise in the chances of a spot crypto ETF for $ADA being approved this year, as ADA is classified as a digital commodity.