Charles Hoskinson said that a downfall of a stablecoin project does not mean the end of crypto.
Bitcoin plunged to a 16-month low, while the altcoins suffered even more in the past week or so. Despite bouncing off and reclaiming some ground, the situation is still dire, and Cardano’s Charles Hoskinson provided his outtake on it.Cardano Founder Charles Hoskinson noted that the market is deep in a new crypto winter, and it will take weeks or even months for a bottom to appear, following which there will be some respite.
He said that institutional cohort have been dumping their crypto and most are looking at it as a high-risk, high-return asset. He added,“This was always the danger of inviting the Wall Street types in… And when the markets go not in the direction they want, they dump it. They tread crypto just like any other asset and label it as an exotic high-risk one. When the markets do not go in the direction they want, they dump it.”the recent turn of events “a black swan and historic” in size.
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