Top cryptocurrencies lost most of their recent gains
Cardano founder, Charles HoskinsonSpeaks on “another brutal red day in the markets,” which he blames on Fed Chair Jerome Powell’s recent speech at Jackson Hole, citing a CNBC report.
The markets tumbled Friday after Fed Chairman Jerome Powell promised that the central bank would “use its tools forcefully” to combat inflation, which is still hovering around its highest level in more than 40 years.
In his annual Jackson Hole policy speech, Powell stressed that higher interest rates “are likely to last for some time, and the historical record strongly cautions against premature loosening of policy.”
The comments come amid indications that inflation may have peaked but is not yet clearly declining. As Powell stated, the Fed will not be swayed by a month or two of data.
“We’re looking at what @RonPaul said years ago. The Fed has two options. Hit the economy with high interest rates or destroy the currency with inflation,” Hoskinson said.
The Cardano creator added: “Cryptocurrencies are the way out of this madness. Central banks can’t be trusted with monetary policy. They work for the political process and gave two generations of politicians a blank check that we now have to cover. It’s going to get worse before it gets better.”
ADA dropped 8%
Bitcoin is down more than 8% since Powell’s remarks, causing the entire crypto market to fall. The top cryptocurrency lost all its recent gains, and the market sentiment turned quite bearish once again.
Cardano (ADA), which was also battered, fell 8% to trade at $0.447 at the time of publication.
As reported by U.Today, when asked about the poor performance of the native ADA currency, Cardano founder Charles Hoskinson stated that the cryptocurrency has entered a bear market. The Cardano network continues to expand, despite the price drop.
Currently, 1,075 projects are building on Cardano, while 93 projects have recently been launched on Cardano. Cardano native tokens stand at 5.9 million with 60,468 minting policies, while Plutus scripts are now at 3,117. The number of Github commits was also 3,207.
