Cardano (ADA) Price Prediction: Why Is ADA Down Today?

Cardano price still struggles to break key resistance levels as one analyst's recent statement that “Bitcoiners don’t care” about ADA sparked debates within the crypto community.

Cardano price struggles to stay afloat as one analyst's recent statement that “Bitcoiners don't care” about ADA has sparked debates within the crypto community. This sentiment, coupled with Bitcoin's price slide below $70,000, has led to a decline in ADA's value.

In a surprising turn of events, a crypto analyst has asserted that Bitcoin maxis have no interest in Cardano, despite the recent announcement by the Cardano Foundation of its grandest move yet to tap into the $1.3 trillion Bitcoin ecosystem.

This negative development comes as Bitcoin's price slid below $70,000 on Friday following a U.S. stock market crash that wiped out $953 billion in the wake of a worse-than-expected earnings report from Amazon. The crypto market is down 5.3%, with BTC trading at $69,551 at 00:53 a.m. EST.

Bitcoin's price slide has had a ripple effect on other cryptocurrencies, including ADA, which is trading at $0.3415, down 4.1% in the last 24 hours. This decline is likely due to the broader market sell-off, as Bitcoin's price movements tend to influence the prices of other cryptocurrencies.

However, the lack of enthusiasm from Bitcoiners toward ADA is also seen as a contributing factor to the coin's poor performance. Despite the Cardano Foundation's announcement of its plan to connect ADA to the Bitcoin blockchain, Bitcoin maxis remain largely uninterested in the development.

This indifference has sparked debates on crypto X spaces, with Bitcoiners asserting that Cardano wants to become a Bitcoin Layer 2 network, while ADA enthusiasts maintain that this is not the case and that Cardano will remain an independent Layer 1 blockchain.

As a result of this announcement and the subsequent lack of interest from Bitcoin maxis, many in the crypto community have had second thoughts about the significance of the Cardano-Bitcoin connection.

One of the major concerns that Bitcoin maxis have had with other decentralized protocols is the requirement that they move funds from their wallets. This goes against the age-old crypto mantra, “Not Your Keys, Not Your Coins.” Joe 2.0 wondered whether this would be the same case for the Cardano-Bitcoin connection.

Until such concerns are addressed, Cardano price will likely continue performing poorly until the overall market changes.

Cardano price is trending in what seems like a bear pennant, a continuation pattern. This is alarming, given the announcement of the Bitcoin-ADA connection and the most recent speculation about a potential NASA partnership with ADA.

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