Digital assets fell on Thursday as the crypto market reeled from an overnight sell-off. The declines came alongside a sharp drop in U.S. equities and precious metals, with Nasdaq 100 futures trading down.
Futures open interest fell 3.5% to $108 billion as funding rates turned negative, with traders increasing short positioning.
At the time of writing, ADA was down 6.06% in the last 24 hours to $0.2584. Cardano's price drop comes amid a golden cross on its hourly chart.
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The 50 MA crossed above the 200 MA on the hourly chart, indicating a golden cross — a surprising setup despite the price drop.
ADA/USD Hourly Chart, Image By: TradingView
The Cardano price fell despite a golden cross, trapping bulls. ADA spot trading volume has fallen 18% in the last 24 hours as traders stay on the defensive.
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Tue, 03/24/2026 - 08:01 Most Cardano Holders Are Deeply UnderwaterByAlex Dovbnya
Across the broader crypto market, crypto positions worth $253 million were liquidated, with longs liquidations accounting for the majority at $203 million, while shorts came in at $50 million.
Bulls trapped?
Most cryptocurrencies still remain in a price range that has continued since early February despite multiple attempts to break out to the upside.
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Tue, 03/10/2026 - 14:12 Cardano at Key Price Juncture as Bollinger Bands Tighten, Where to Next?ByTomiwabold Olajide
Cardano holders who bought in the past year are sitting on average losses of about 43%, putting the cryptocurrency in an on-chain "opportunity zone" that might foreshadow a price recovery.
Derivatives data show ADA funding rates at their most negative since June 2023, indicating a heavily crowded short trade that might see a potential short squeeze rather than further declines.
In positive news, Monument Bank, a regulated U.K. challenger bank, announced plans to tokenize up to £250 million of retail customer deposits on the Midnight network, a privacy-focused blockchain built on Cardano.
Many believe this marks one of the first uses of a public blockchain for retail deposit tokenization by a regulated bank.
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