The crypto market is sliding down the rabbit hole and Cardano price is falling along with it. A recent break above $0.40 painted a bullish picture for the smart contracts token that had previously swept lows of $0.24 in December.<\/p>\n
The upper limit at $0.40 and the lower limit at $0.24 are currently the points of control for ADA price<\/a>. Luckily, it is a wide range with bulls expected to engage bears in a fierce tug-of-war for the coming weeks – perhaps months.<\/p>\n Cardano price stayed relatively unchanged in 24 hours while doddering at $0.3421 at the time of writing. Before this pullback, ADA traded a new 2023 high at $0.42 but profit booking coupled with pressure from United States regulatory agencies have left the token vulnerable to losses.<\/p>\n The entire crypto market flipped bearish this week following a report about financial woes knocking at the doors of one of the few crypto-friendly banks in the US. Silvergate is believed to be facing a liquidity crunch following the implosion of FTX exchange.<\/p>\n Sam Bankman-Fried’s FTX exchange apparently banked heavily with Silvergate and with the ongoing investigations and regulatory crackdown, investors and companies are cutting ties to protect their interests.<\/p>\n Coinbase, Galaxy Digital, and Kraken are some of the latest clients to stop dealings with Silvergate. As investors reacted to the news surrounding Silvergate, a sell-off brewed resulting in the biggest retracement of the year so far.<\/p>\n Meanwhile, Cardano price lost 14% of its value in 30 days<\/a> and traded at -15.5% in 14 days. Declines in the last seven days have seen ADA drop by 6.5% to trade at $0.341.<\/p>\n ADA continues to give back its gains despite Input Output Global (IOG) releasing the weekly progress report on Friday. The weekly report conforms to the Cardano Foundation’s transparency policy.<\/p>\n The weekly #Cardano<\/a> development update is now live on #EssentialCardano<\/a>. <\/p>\n See the full report for complete details on what the IOG dev teams have been up to and get the latest on the development progress⤵️https:\/\/t.co\/d928u4xFus<\/a><\/p>\n — Input Output (@InputOutputHK) March 3, 2023<\/a><\/p><\/blockquote>\nCardano Price Back To Searching For Support Despite Its Weekly Dev Report Release<\/h1>\n
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