Why is Cardano down today?

Cardano is down 6.1% to $0.2215, underperforming Bitcoin's 3.3% slide, as a broad risk-off wave hits crypto. Bitcoin fell below $81,000 and is holding just above $80,000 after South Korea's Kospi plunged 8%, with the CoinDesk 80 down 2.2% and all but six CoinDesk 100 members in the red. The selloff follows September CPI at 3.7%, above forecasts, which lifted Treasury yields and put a Fed hike back on the table.

Leverage amplified the move. Roughly $942 million in positions were liquidated over 24 hours, with longs accounting for $863.3 million, or 91.6% of the total; the break under $81,000 alone triggered about $485 million in forced selling. Altcoins like ADA, with a $8.32B market cap and $501.61M in daily volume, typically take the sharpest hit in those cascades.

Cardano-specific news offers little support. Analysts flagged whale selling and falling network participation as added pressure, while the Cardano Foundation published research arguing large reserves don't guarantee proof-of-stake security. ADA is down 12% over seven days.