With the crypto market suffering massive losses this week, there has been more concern about the future of the space. This is not just limited to the price of the digital assets in the market, but rather the collapse of multiple big players in crypto such as Terra in May and now the FTX crypto exchange. However, not everyone is frazzled by recent events and one of those is Cardano founder Charles Hoskinson.
Crypto Market Will Prevail
At times like this, it is easy to see why there are concerns about the ability of the crypto market to survive. The FTX decline will not be a standalone event as there are multiple companies who have disclosed or are yet to disclose exposure to the exchange. Prices of digital assets in the space have understandably declined in light of this but it does not spell the end of the industry.
Cardano founder Charles Hoskinson has taken to Twitter to echo this sentiment, presenting a calm voice in the midst of chaos. In his tweet, Hoskinson highlights the market woes of Wednesday, explaining that it will not be the last. The Cardano founder said that “There will be another Wednesday and another.” However, it doesn’t mean that the crypto space stops. Instead, he urges people to keep building and innovating in the space.
As for the blockchain and the crypto industry which have already come this far, Hoskinson says that they are already changing the world. Thus, “Short term events won’t stop the revolution,” adding a GIF of a honey badger facing off against a King Cobra for effect.
Today is Wednesday. There will be another Wednesday and another. Build, grow, and innovate. Cryptocurrencies and blockchain technology are currently changing the world. Short term events won’t stop the revolution pic.twitter.com/G62HjFNwyG
— Charles Hoskinson (@IOHK_Charles) November 9, 2022
Not The First, Not The Last
For investors who are new to the space or came in during the bull market of 2021, it can be daunting to watch prices fall so much in a short amount of time. However, for veterans, it was just another Wednesday in crypto, and there will be more.
A refresher of crypto history shows that events like these are not new. Going from the Mt Gox collapse to the Bitfinex hack, the crypto space has always had “Black Swan” events that send the values of digital assets such as Bitcoin to their bottom.
In 2017-2018, the price of Bitcoin had actually fallen from a high of $19,000 to a low of $3,200. A similar case happened in 2013-2014 when the price of bitcoin had fallen from $1,150 to $103. What matters, in the end, is that the space always prevailed, coming back stronger to reach new all-time highs with each bull market.
Market cap falls below $800 billion | Source: Crypto Total Market Cap on TradingView.com
Featured image from NewsBTC, chart from TradingView.com