Cardano Slides as CLARITY Act Falls Flat Amid Regulatory Fears

Cardano (ADA) is trading around $0.1958 on September 17, up 0.25%, as it sits on the 0.382 Fibonacci level at $0.1955.

The price of ADA has bounced off this level repeatedly in recent weeks, suggesting it may be a key pivot point for the token's short-term movement.

However, the failure of the CLARITY Act in the Senate on Tuesday triggered roughly $2.67 million in 24-hour ADA liquidations, with longs absorbing around $2.53 million of that amount.

This event has underscored regulatory risk and put downward pressure on the token and broader crypto markets.