Cardano founder announced the beginning of a bear market

According to Charles Hoskinson, no events can currently raise the price of the ADA

10.05.2022 - 08:00

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What’s new? Cardano founder Charles Hoskinson wrote on his Twitter that the price of the blockchain’s native token ADA is declining as the cryptocurrency is in a bear market. According to Hoskinson, no events or actions can affect the current situation.

Yes, it's called a bear market. That's what happens. Nothing changes it. No announcement makes a difference. Cardano could cure cancer, give you a ten inch dick, give you a personal poker playing robot that also drives grandma to church on the weekends, and we'd still fall— Charles Hoskinson (@IOHK_Charles) May 9, 2022

What happened earlier? Since the end of March 2022, large Cardano investors have accumulated $155,5 million and the total number of ADA token holders surpassed 5 million users for the first time. According to analysts, this was preceded by a 7-month period of holders dumping the asset. The developers also announced a new upgrade that increases the block size by 9%, from 80 KB to 88 KB.

In early May, trader and crypto analyst Tone Vays said that the price of bitcoin would continue to fall over the next few months and could reach the $23 000 mark. Referring to the charts, Vays says that BTC looks “absolutely terrible” as it is giving a lot of bear market signals.

What is Cardano? It is a blockchain platform created by Input Output Hong Kong (IOHK) and Ethereum co-founder Charles Hoskinson in 2017. It has the native token ADA. According to Binance, the coin is trading at $0,68 as of May 10 and has fallen by 13,3% over the past week. For more details about Cardano see GetBlock Magazine’s article.

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