Why Cardano Is Sinking Today
Since yesterday afternoon, the price of Cardano (CRYPTO: ADA) traded 6% lower as of 11:32 a.m. ET today, likely due to comments from Federal Reserve chair Jerome Powell yesterday regarding the future path of interest rate cuts.
As expected, the Fed concluded its October meeting yesterday with a quarter-point interest rate cut, bringing the federal funds rate inside a range of 3.75% to 4%. But to the market's dismay, during the post-meeting press conference, Powell said, "A further reduction in the policy rate at the December meeting is not a foregone conclusion. Far from it."
Image source: Getty Images.
Source Fool.com
