Renewed Fed Rate Hike Fears Push Cardano Price Down 1.59%

The price of Cardano (ADA) has dropped by 1.59% to $0.217 in the last 24 hours, following a broader market dip driven by renewed fears of Federal Reserve rate hikes after strong U.S. jobs data.

A stronger-than-expected U.S. August jobs report triggered this sell-off, reviving concerns about a more hawkish Fed and pushing Treasury yields higher.

This macro pressure has weighed on rate-sensitive assets like crypto, with ADA's price action closely tied to Bitcoin and broader market sentiment.