Cardano founder Charles Hoskinson said that the value of ADA will not increase at this time as the crypto is in a bear market.
Charles Hoskinson stated that cryptocurrencies are in a bear market and have therefore underperformed recently. According to him, nothing can push the value of ADA to a higher level right now.
Digital Assets Bear Market
In 2022 and especially in the last few weeks, cryptocurrencies have been far from their highest levels. The economic crisis after the pandemic and the Russia-Ukraine war were also among the factors that badly affected cryptos.
Hoskinson noted that digital assets are in a bear market, noting that the value of ADA is currently unlikely to increase.
“Yes, it’s called a bear market. That’s what it is. Nothing can change it, and no announcement can make a difference. Cardano can cure cancer, give you a robot that also takes my grandma to church on weekends and plays poker. However, it still suffers a decline”
Hoskinson’s statement came in the midst of the update, which had more or less no positive impact on the value of ADA.
ADA is trading at $0.64 at the time of writing, according to Binance data.
