However, after finding late support, ADA returned to $0.427 before pulling back. The network update failed to have an effect, leaving ADA in the hands of market risk appetites throughout the session.
US stats and weekly IOHK update leave the ADA in negative territory
Network updates provided a little bit of ADA price support. Input Output HK on Friday released its weekly development report as of 10-07-2022. Highlights include,
- Cardano node testing documentation is now open source.
- The Daedalus team is finalizing v.5.1.0.
- 102 projects were launched in Cardano, up from 100 in the previous week.
- 1,117 projects based on Cardano, up from 1,113 projects.
- The total number of transactions increased from 50.4 million to 51.3 million.
While the numbers have continued to rise, Cardano’s ecosystem has yet to see the influx of projects in the post-Vasil Hard Fork era.
Recently, Hoskinson talked about hundreds of projects considering the Cardano network after the hard fork of the mainnet. These must be achieved to support a sustainable outbreak of the ADA.
With the weekly numbers providing little support, US economic indicators sent the ADA to session lows before a partial recovery. In September, the number of nonfarm payrolls rose by 288,000, after an increase of 275,000 in August. An increase in non-farm payrolls and a lower labor force rate left the unemployment rate at 3.5%, down from 3.7% in August.
The drop in the unemployment rate boosted the Fed’s rate hike by 75 basis points in November, with more in December.