ADA Slides 8.91% Amid Cardinal DeFi Launch, Nasdaq Index Listing, and Market Volatility

Cardano (ADA) is trading at $0.6310 on Binance, marking an 8.91% decline over the past 24 hours from an open of $0.6927. The recent price drop is primarily attributed to profit-taking and market volatility following several key events: the launch of the Cardinal DeFi protocol enabling Bitcoin DeFi functionality on Cardano, the sell-out of VNBTC’s ADA cloud mining contract, and ADA’s inclusion in the Nasdaq Crypto US Settlement Price Index. While these developments initially generated bullish sentiment and a short-term price rally, overall market caution, high volatility, and a broader pullback in altcoins have contributed to the current downward price movement. Trading volume remains robust, but technical indicators and on-chain metrics suggest ongoing uncertainty, with ADA underperforming relative to Bitcoin and other large-cap cryptocurrencies despite recent institutional interest.