Cardano Price Plunges 1,085% on Liquidity Imbalance and Interest Rate Fears

Cardano's price plummeted by 1.64% in the last 24 hours, hitting a low of $0.20 on Friday after four consecutive days of decline from September 7 to 10.

The selloff was triggered by growing expectations that the Federal Reserve might raise interest rates alongside renewed inflation concerns, which led to a market-wide sell-off with Cardano falling in tandem.

A total of $2.06 million worth of leveraged Cardano positions were liquidated over the past 24 hours, with $1.89 million coming from long positions and $174,080 from shorts, according to CoinGlass data.

The percentage imbalance between long and short positions reached a staggering 1,085%.