Cardano ADA slides towards US$1 as China triggered crypto crash continues

Cardano’s ADA token fell toward US$1 in overnight and early morning trades amidst on going volatility in cryptocurrency markets. Changing hands at US$1.12 the Cardano token was down 14.24% in the past 24 hours, giving it a corresponding market cap of just over US$36bn. It marks a decline from just under US$1.60 a week ago, and, a halving from its all time high that was set just over a month ago. Like the other high profile cryptos Cardano rocketed in value through the early months of 2021. It began the year priced just below 20 American cents per token. READ: What is Cardano? Along with other popular cryptos including Bitcoin and Ethereum, Cardano’s ADA has been falling in the wake of further tightening and scrutiny by the Chinese authorities. Over the weekend, the People’s Bank of China (PBOC) has ordered all of the country’s major financial bodies to stop facilitating transactions in digital currency. The PBOC said banks must not provide products and services such as trading and settlement for cryptocurrency transactions, adding that institutions should also cut off payment links with crypto exchanges and over-the-counter dealers. The announcement was followed by a statement from China’s Postal Savings Bank that it will move to ban crypto-related activities using its services, while reports have emerged that payments platforms such as Alipay and other financial giants such as the Agricultural Bank of China will follow suit.