Why Cardano's Cryptocurrency Is Sinking Today

It's been a day of sell-offs for many leading cryptocurrencies and altcoins, and Cardano (CRYPTO: ADA) is moving lower in the pullback. The blockchain network's ADA token was down roughly 7% over the previous 24 hours of trading as of 4:15 p.m. ET on Wednesday, and it had been down as much 10.4% earlier in the day.

The pricing decline for Cardano's ADA token appears partly driven by overall market momentum, but it's also likely that token-specific news is factoring into the pullback. eToro recently announced that it plans to remove the ADA token from its trading platform for U.S.-based account holders, and that appears to be pushing investors out of the cryptocurrency.

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Source Fool.com