Cardano (ADA) price is set to tank over 10% as pressure mounts on a crucial support level that is key to keeping this rally going. Lower highs are generated for a fifth day in a row, revealing a massive squeeze to the downside. Overnight headlines on the bankruptcy of crypto broker Genesis are only working as a catalyst for the fire that started burning after central bankers soured the party mood that global markets were having in the first two weeks of the year.
Stablecoins have seen a shift in their activity level and general sentiment has fallen alongside prices, despite a spike in demand and utilization. Tether (USDT), the largest stablecoin by market capitalization witnessed a decline in its on-chain volume in 2022 whilst USDC and Binance’s BUSD took over with a spurt in their trade volume.