The sharp drop in the cryptocurrency market on Friday, caused by macroeconomic factors and investor sentiment, led to large-scale liquidations. However, by the weekend the market began to recover, with Cardano leading the rebound.
Cryptocurrency Market Crash
On Friday, the cryptocurrency market experienced a sharp drop, resulting in $1.42 billion in liquidations. However, in the following days, the market showed signs of recovery.
Factors Affecting the Market
The US personal consumption expenditures price index was below expectations, which mitigated disappointment with the Fed's interest rate hike. On Wednesday, the Fed lowered its benchmark interest rate by a quarter to 4.25%-4.5%, the lowest level in two years.
ADA Price Action
After four days of decline, ADA's price sharply rose, reaching $1 before slightly retreating. Currently, the token is trading at $0.9579, showing a 14.05% increase over the last 24 hours. Successfully breaking the $1 mark might signal a further rise to the $1.34 and $2 levels.
The recovery of ADA's price marked a significant point in the evolution of the crypto market amid changing macroeconomic conditions and the global economic landscape.
