Crypto News

We are in a bear market

                                                            Der amerikanische Unternehmer und Gründer von Cardano – Charles Hoskinson – meinte, dass ADA (das native Token seines Blockchain-Protokolls) in letzter Zeit unterdurchschnittlich abgeschnitten habe, weil sich Crypto in einem Bärenmarkt befinde.  Seiner Ansicht nach kann nichts die USD-Bewertung in der aktuellen Situation nach oben bewegen.

The bear market is here

The year 2022, and the last few weeks in particular, has not been a good one for the cryptocurrency industry as the prices of most digital assets are a far cry from their highs recorded in 2021. There are numerous reasons for the crash, including the post-pandemic financial crisis and the Russia-Ukraine war.

Cardano’s founder – Charles Hoskinson – addressed the matter and offered his thoughts on why crypto has gone south. In a recent tweet, the American claimed that digital assets had entered a bear market. When he talked about the USD valuation of the native cryptocurrency Speaking of his record, he argued that nothing could drive their price up at the moment.

“Yes, that’s called a bear market. That’s what happens. Nothing changes it. No announcement makes a difference. Cardano could cure cancer[…] get yourself a personal poker-playing robot that also drives grandma to church on the weekends and we would still fall.”

Hoskinson’s words come amid recent updates to his project, which have had little to no positive impact on ADA’s price. When CryptoPotato As recently reported, Cardano outlined several updates to its network, including the launch of a cross-chain bridge. Later, the block size was revised by 10% to improve scalability.

At the same time, reports claimed whales were on a shopping spree earlier in the month, but that hasn’t propelled ADA north either. The asset posted one last fall ATH above $3 before the market-wide crash propelled it hard south. It is currently struggling around $0.65, which means it is down about 80% since the top.

More Bear Market Confirmation?

Another factor that could confirm the bear market fears comes from CryptoQuant’s recent analysis. The analytics platform estimated that the Bitcoinbull market stalled in July 2021, and since then the trend has changed.

The company’s analysts attributed this to the fee-to-reward ratio. The higher the ratio, the more lucrative it is for miners to do their job as they don’t need any further incentive to hold on to their BTC and vice versa. With the metric declining since the April 2021 highs, CryptoQuant noted that this is an “indication of a bear market” and miners will need to sell some of their holdings to cover their costs.
We are in a bear market, Crypto Trading NewsBear market chart, CryptoQuant

Source: Crypto News Deutsch

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