Input Output CEO and Cardano inventor Charles Hoskinson claimed in a recent tweet that markets are disconnected from reality. He states that he looks confused after the latest price correction. Here are the details…
Cardano inventor made new statements
cryptocoin.com As we have also reported, the crypto money market has started to decline in the last 24 hours. The price of the ADA token has also dropped more than 8 percent in the last 24 hours. It fell along with other major cryptocurrencies. The token is currently trading at $0.465 on the Binance exchange. Bitcoin (BTC) started to crash on Tuesday, as we reported on Kriptokoin.com. It reached its lowest level since mid-June. Ethereum (ETH) has fallen sharply, with less than two weeks until the Merge upgrade.
A universal truth about crypto is that the markets are disconnected from reality. Cardano has never been stronger and frankly many other projects are also solid across the industry, yet you don't see that reflected- just a sea of red. Macro factors always win out. (1/2)
— Charles Hoskinson (@IOHK_Charles) September 6, 2022
Ended the outstanding performance streak. Still, despite the sharp market correction, Hoskinson maintains an optimistic tone. The person behind the cryptocurrency says Cardano has “never been stronger”. He claims that Cardano’s best days are still ahead. Hoskinson also praised other projects in the cryptocurrency industry. He added that although current prices do not reflect this, many are “solid”. The Cardano founder pointed out that the current market movement is mainly driven by macro factors.
The ADA token is currently struggling to beat the bearish trend despite being on the verge of implementing the Vasil upgrade. The hard fork, which is expected to be released on September 22, will significantly improve the performance of Blockchain. On Tuesday, Hoskinson shared on Twitter the topic of significantly improving different decentralized applications (dApps) and enabling new ones.
The latest movements in the market
Yesterday, as usual, US stock markets and worldwide crypto markets reacted badly to news of strong US economic data showing the Fed’s current hawkish stance is warranted. As CNBC reported yesterday, “The Institute for Supply Management’s non-manufacturing PMI for August came in better-than-expected with a month-over-month increase of 56.9.” This caused Bitcoin to drop below the $19,000 level. Altcoins have fallen to lower price levels, following Bitcoin’s lead.
ADA also fell 7.3 percent to $0.46. Although the cryptocurrency has fallen by 7.3 percent in the last 24 hours, it has increased by 2.5 percent in the last 1 week. Hoskinson gave the date of September 22 for the highly anticipated Vasil upgrade, which will come to the Cardano mainnet. This has caused the value of ADA to skyrocket in the past few days. In fact, ADA had surpassed XRP by market cap for a while.
