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The founder of Cardano talks about the reason for the collapse of the cryptocurrency market!

The founder of Cardano talks about the reason for the collapse of the cryptocurrency market!

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Answer The founder of Cardano talks about the reason for the collapse of the cryptocurrency market!

Charles Hoskinson, the founder of Cardano, spoke of the recent brutal red day in the crypto market, and the founder of Cardano blamed Jerome Powell, the Federal Reserve Chairman, citing a CNBC report.

The crypto market fell on Friday after Federal Reserve Chairman Jerome Powell promised that the central bank would use its tools aggressively to combat inflation, which is still hovering around its highest level in more than 40 years.

In his annual Jackson Hole policy address, Jerome Powell emphasized that high interest rates are likely to persist for some time, and that the historical record strongly cautions against early easing.

These comments come amid indications that inflation may have peaked but not yet clearly abated.

Hoskinson stated:

We’re seeing what Jerome Powell said years ago, that the Fed has two options.

Kill the economy with high interest rates or destroy the currency with inflation.

Cardano founder added:

Cryptocurrencies are the way out of this madness.

Central banks cannot be trusted with monetary policy.

They are working for the political process and giving two generations of politicians a blank check that we now have to cover.

Things are more likely to get worse than better.

The price of the cryptocurrency ADA has fallen by 8% since Jerome Powell’s comments, and Bitcoin has fallen by more than 8%, bringing the entire cryptocurrency market down.

Read:One of the oldest Thai banks asks the crypto community to wait for a big Ripple announcement

Major cryptocurrencies have lost all of their recent gains, and market sentiment has once again turned completely bearish.

Currently, 1075 projects are being built in Cardano, while 93 projects have recently been launched in Cardano.

The original Cardano-based numeric tokens are 5.9 million with 60,468 minting policies, Plutos scripts are now 3,117, and Github links are over 3,200.

Read also:

Total Crypto Market Value Struggling Below $1 Trillion & Bitcoin Resisting Above $20K

FTX Sucking Alameda Research Liquidity Due to Acquisition Drive…Details Here


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