Cardano Price Crashes Amid Broader Market Sell-Off, Hoskinson Remains Bullish
The Cardano price has dropped by 1.5% in a day and over 6% this week, despite an 8.3% monthly gain.
This decline is part of a broader market sell-off, with the global crypto market cap sitting at $2.7 trillion, down 1.8% in the last 24 hours.
The renewed U.S.-Iran conflict has intensified fears of a wider Middle East war, particularly around the strategically vital Strait of Hormuz, driving investors away from risk assets, including cryptocurrencies.
Cardano's on-chain activity also backs up the price drop, with daily transactions falling from 40,063 on August 21 to just 18,893 on September 1, before edging up slightly to 21,362 on the same day.
Charles Hoskinson, Cardano's founder, remains bullish about the project's future, citing two key developments: a governance vote that passed with 71.99% DRep and 56.22% SPO approval, clearing the path for Ouroboros Leios, and the hard fork anniversary of Epoch 507.