Just $607 Million in 24 Hours: Cardano Open Interest Crashes in Market Wipeout

Cardano saw its open interest plunge as the crypto market intensified an earlier sell-off on Friday.

In the last 24 hours, Cardano’s open interest came in at just $607 million, a 8% drop over this time frame, according to CoinGlass data.

At press time, Cardano was down 5.44% in the last 24 hours to $0.3274, in line with the crypto market sell-off that has seen $1.74 billion in daily liquidations. Long positions, or traders expecting prices to rise, accounted for majority of this figure.

A total of $1.64 billion in long crypto positions were liquidated in the last 24 hours, dampening sentiment as investors consider what’s ahead.

A successor to Federal Reserve Chair Jerome Powell is expected to be announced Friday morning, with indications pointing to former Fed Governor Kevin Warsh. Warsh’s track record of prioritizing inflation risks during the global financial crisis combined with his affinity for monetary discipline has spooked analysts and markets.

The cryptocurrency market fell further late Thursday as Warsh’s odds surged on the betting markets.

Cardano welcomes USDCx

At the Midnight Tour in Japan, Cardano Founder Charles Hoskinson revealed the news that he just signed the integration agreement for USDCx on Cardano while welcoming Circle to the ecosystem.

Hoskinson said in a tweet: “Just signed the integration agreement for USDCx on Cardano. Welcome to Cardano Circle. We are all excited about the possibilities. More from the Pentad soon.”

This announcement caught the attention of the ADA community, including the Cardano Foundation, which sent a congratulatory message to the Cardano community and founder, hinting at exciting times ahead for the ecosystem.

USDCx, while not exactly the same as native USDC, is a 1:1, USD-backed stablecoin fully backed by USDC held in a Circle xReserve smart contract. While USDC is issued directly by Circle, USDCx is a version designed for specific, often privacy-focused, blockchains like Aleo, Canton and Midnight.

The move to integrate USDCx is backed by the Cardano Pentad and a 70 million ADA budget, expecting to tap into liquidity to boost Cardano’s $300 million DeFi ecosystem for lending, trading and more.