By Alicia Maher
The CEO of IO Global, Cardano’s parent company, Charles Hoskinson, is doing his best to calm the ongoing concern over the crypto market by saying that large-scale market corrections are routine for the digital asset industry.
Hoskinson told viewers in his YouTube channel video that the current market event does not deter long-term investors in the industry because it is routine in the crypto space. The market correction is no cause for alarm because it is part of what makes the industry unique, just like other markets.
The CEO noted that the industry has been in a similar situation before, and previous market corrections were more severe than the current one. Market volatility is a periodic occurrence for the industry at all times.
Be Calm
In a YouTube video on his official channel, Cardano’s co-founder encouraged newcomers into the crypto market to be calm and weather the storm. He further added that new investors who came into the industry in the bull run period are more likely to panic and sell off their assets. The CEO noted that new traders should not be in a hurry to do so.
Hoskinson further noted that as someone who has been in the industry for a long time, he could remember when the flagship cryptocurrency, Bitcoin, was trading at $1 before suddenly jumping to $30, then down to below $5, then to $200 and above.
Moreover, Hoskinson disclosed that price sentiments regarding cryptocurrency are similar around the globe, adding that as old guards, “nothing phases them anymore.”
Meanwhile, the crypto market has been bleeding for some time now, with Bitcoin bearing the brunt of the market volatility, which has seen its value plummet further down with each passing day with no relief on the horizon.
However, Hoskinson added that the newcomers are making the situation appear like the crypto industry has reached its end. As a result, the experienced crypto player is doing his best to calm the nerves of the panicky investors while welcoming them to the imminent bear market, which he named “the crypto winter.”
He cautioned that the current scenario might take weeks or a couple of months before the dust settles on the crypto market and prices begin to recover. The journey is still far before the market can recover fully.
Crypto Market Plummet
The past seven days have been rater catastrophic for the entire industry as prices of digital assets continue to spiral downward, giving investors no choice but to lament and wait for the next possible way out of the situation.
Bitcoin is the biggest loser, going by its position as the largest cryptocurrency in market capitalization. The flagship token has tanked to its lowest level, and experts believe it may fall further down in the coming days.
The Terra network, alongside its native token, LUNA, and stablecoin, UST, is another big casualty of the crypto market volatility as price fluctuations led to large-scale losses, including the crash of the Terra ecosystem.