Cardano price drops 6.5% despite the Midnight mint event
Midnight airdrop enters its next stage after the project mints all 24 billion NIGHT tokens on Cardano.
- Cardano price fell 6.5% despite the excitement around the Midnight mint
- Midnight minted 24 billion NIGHT tokens on the Cardano Network
- The project has entered the Scavenger Mine phase, ahead of the Redemption phase
One of Cardano’s most anticipated projects, the privacy-focused sidechain Midnight, hit a major milestone. However, despite this, Cardano saw increased volatility due to broader bearish market conditions.
On Wednesday, October 22, the price of Cardano (ADA) fell 6.5%, from levels near weekly highs at $0.6718 to $0.6304. This was despite the excitement for the Midnight sidechain, which minted its full 24 billion NIGHT token supply on October 20.
The community had big hopes for the zero-knowledge-enabled sidechain. Midnight promises to bring confidentiality, data protection, and private smart contracts to the Cardano ecosystem. The project even promised to bring in institutions due to its focus on compliance.
What is more, according to the Cardano founder Charles Hoskinson, the Midnight network could onboard millions of users to the Cardano ecosystem. Still, macro pressures over the entire crypto market outweighed investor excitement.
Why is Cardano down?
Cardano’s price action is under the influence of macro pressures, which have pushed the overall crypto market down 4%. What is more, the token has also shown signs of structural weakness. Notably, ADA failed to reclaim the value area low of $0.07.
According to crypto.news analyst , this suggests that ADA will now look to the $0.53 support zone to prevent further declines. In any case, bearish momentum will likely continue in the near term.
Midnight sidechain is transitioning into its next phase of distribution. The sidechain has entered the Scavenger Mine. This gamified claiming period is designed to engage the crypto community, ahead of the token redemption phase.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Oil Giant Returns to Venezuela! ExxonMobil (XOM.US) Reportedly Obtains Rights to Assess 7 Regions, One-Year Exclusive Negotiation Window Opens
According to informed sources, ExxonMobil has reached a preliminary agreement with the Venezuelan government and the national oil company PDVSA. The US oil giant is allowed to assess the development potential of seven blocks, which cover undeveloped oil fields, mature oil fields, and one exploration block.
Qualcomm (QCOM.US) Targets $15 Billion in Data Center Revenue, Bernstein Issues Bearish Report: Riding the AI Wave May Not Reverse Profitability
After discussions with Qualcomm management, Bernstein acknowledged Qualcomm's progress in business diversification—especially recognizing its ambitious entry into data center CPUs and AI inference chips. However, the institution maintained a "market perform" cautious rating and a target price of $155, indicating that, in Bernstein's view, Qualcomm has a potential downside of up to 12%.
Glassnode reports $14.2 billion stablecoin drop, $1.6 billion Bitcoin ETF outflow
CoreWeave's surge gives AI cloud a breather, now all eyes are on the Anthropic IPO and Nvidia
CoreWeave’s Q3 revenue and guidance both exceeded expectations, with its stock price surging 25% in a single day and the new cloud sector soaring over 12%. Reports of Anthropic’s potential $1.5 trillion IPO valuation, OpenAI’s quarterly revenue surpassing $10 billion for the first time, and these three positive catalysts together have boosted confidence in the AI computing power industry chain, which was previously troubled by doubts about AI returns. Next week’s Nvidia earnings report and Anthropic’s IPO will be the true test of whether this rally can continue.
Crypto prices
More
