Shares of several popular altcoins, including Cardano (CRYPTO: ADA), are trading lower in sympathy with apex cryptocurrency Bitcoin (CRYPTO: BTC) and second-largest market cap crypto Ethereum (CRYPTO: ETH).
Crypto is likely trading lower in tandem with major U.S. indices. Major indices are lower following worse-than-expected May CPI data. Rising inflation has caused economic concerns and has also raised expectations for further Fed policy tightening.
According to data from Benzinga Pro, Cardano is trading lower by 8.19% to $0.58 Friday afternoon. Cardano is also lower by 57.78% on a year-to-date basis amid ongoing weakness in the broader cryptocurrency market.
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