Bitcoin (BTC) It started to recover after this year’s low of $ 17,600 in June.
BTC Although it experienced occasional declines, it was trying to maintain the $20,000 level. However, on Tuesday it fell sharply. bitcoin It fell to the lowest level since June.
While the decline in Bitcoin is reflected in altcoins, Ethereum (ETH) also suffered a drastic fall even though the Merge upgrade was only a short time away.
Apart from Ethereum, another one that has had its share of sharp declines altcoin also Cardano (ADA) it happened.
According to CoinGecko data, it has experienced a decrease of about 8% in the last 24 hours. ISLANDIt is trading at $0.4645.
Commenting on this drop in Cardano ADA founder Charles HoskinsonIn his tweet, he said he was surprised by the sharp decline in the crypto market, including ADA.
Claiming that the markets are disconnected from reality, Hoskinson said that he believes current market prices do not reflect the levels that cryptocurrencies should basically be.
The famous CEO, who remains optimistic about Cardano, “ADA has never been stronger” He argued that better days will come for ADA.
Hoskinson also pointed out that the price action of cryptocurrencies is mainly driven by macro factors.
“A universal truth about crypto is that markets are disconnected from reality.
Cardano has never been stronger and frankly many other projects are robust across the industry, but this robustness is not reflected in the current prices of cryptocurrencies.
When we look at the market, we see only a sea of red. It should not be forgotten that macro factors always win.”
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
As you may remember, Charles Hoskinson recently confirmed that the highly anticipated Vasil upgrade will take place on September 22.
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