The trading volume of $ADA coin in the last 24 hours probably showed the bullish sentiments around the $ADA coin among retail cryptocurrency investors.
$Ada is the native token of the Cardano blockchain network. The current trading price of $Ada coin is $0.99 and this price level is down 15% over the last 24 hours.
Data from Blockchain analytics platform IntoTheBlock showed that Cardano (ADA) recorded a net transaction volume of $25.48 billion. This large amount of trading volume represents an increase of 9.42% compared to the last day.
In particular, the increase in large $Ada transaction activity belongs to whales and institutional players. This increase is a very big buy or sell signal.
Panic in the crypto space
An on-chain transaction showed that the government of Bhutan transferred 500 BTC to QCP Capital. However, this country still has 12,202 BTC, but people speculated that they will sell Bitcoin in large quantities.
This small number of Bitcoin transactions by the Bhutanese government acted as a catalyst to create fear among cryptocurrency traders.
Under this pressure, the cryptocurrency market experienced a significant capital outflow. Notably, Bitcoin plummeted to $94,500 from the $100,000 level, and Ethereum plummeted to $3,524 from $3,980. Some altcoins plummeted 30% in the same time period.
Due to this sudden and significant drop in the trading price of cryptocurrencies, a total of 567,905 traders were liquidated worldwide and lost $1.71 billion, Coinglass data showed.
Now, it will be interesting to see the next move in this market as there is no negative news, but this fear will push large Bitcoin holders to sell their Bitcoin.
Also read: Microstrategy buys Bitcoins worth $2.1 billion again
