Only $607 million sold in 24 hours: Cardano open interest plummets as market crashes

According to CoinWorld, due to the overall cryptocurrency sell-off, Cardano's open interest dropped by 8% to $607 million, and its token price fell by 5.44% to $0.3274. The liquidation amount for the day reached $1.74 billion, mainly from long positions. Market sentiment was further dampened by speculation that Federal Reserve Chairman Jerome Powell might be succeeded by a hawkish successor. Meanwhile, Cardano founder Charles Hoskinson announced the signing of an integration agreement to launch the privacy-focused stablecoin USDCx, which is backed by a budget of 70 million ADA and aims to promote the development of Cardano's decentralized finance (DeFi) ecosystem.