Cardano (ADA) Price Drops 8% After Founder Charles Hoskinson Was Not Invited to the White House Crypto Summit

The price went from an intraday high of $0.99 to now trading for $0.89. This is 8% lower than yesterday's price.

The price of Cardano (ADA) has dropped a lot in the last 24 hours. The price went from an intraday high of $0.99 to now trade at $0.89, which is 8% lower than yesterday's price. Its total value in the market cap also fell by 7.9%, now sitting at $31.37 billion with a 39% drop in trading volume to $2.73 billion.

This drop came after news that Charles Hoskinson, the founder of Cardano, wasn't invited to the White House Crypto Summit set for March 7 surfaced on X.

Many major crypto leaders, like Michael Saylor (MicroStrategy) and Brian Armstrong (Coinbase), were invited, but Hoskinson was left out. He confirmed this in a broadcast.

“We did not get an invitation on Monday. We did not get an invitation on Tuesday. We did not get an invitation today on Wednesday. So I’m going to operate under the assumption that I have not been invited to go to this gathering.”

This news surprised people because ADA was recently included in Donald Trump’s proposed U.S. Crypto Reserve, along with Bitcoin, Ethereum, XRP, and Solana. But Hoskinson said he didn't even know that ADA was picked for the reserve. “We knew nothing of ADA being selected for the reserve. It was news to me.”

At the same time, over $1.09 billion worth of crypto was liquidated on March 4, according to Coinglass. $383,870 in ADA trades were wiped out. Bitcoin was hit the hardest, losing $372.87 million, followed by Ethereum with $201.08 million.

After reaching a low of $24,000 on March 1, Bitcoin rebounded to $25,000. However, with the crypto market still in a bearish trend, further price declines are expected.

Meanwhile, ADA saw a price pump of 63% on Monday after Trump’s Crypto Reserve news, but now that excitement is quickly fading. The reason why Hoskinson is not invited to the summit is unknown.

The lot are excited to be discussed at the summit, especially on topics concerning regulations and the national Bitcoin fund.