With the crypto market experiencing massive losses this week, there is an increasing issue about the space's future. This isn't just about the price of digital assets in the market but also about the collapse of several major players in crypto, including Terra and now the FTX crypto exchange. Cardano founder Charles Hoskinson, for one, is unfazed by recent events.

The Crypto Market Will Win

It's easy to see why there's concern about the crypto market's ability to survive at times like this. The FTX decline will not be a one-time occurrence because multiple companies have disclosed or have not disclosed visibility to the exchange. Prices for digital assets in the space have unsurprisingly fallen as a result, but this does not mean the end of the industry.

Cardano founder Charles Hoskinson has echoed this sentiment on Twitter, displaying a calm voice in the midst of chaos. In his tweet, he highlights Wednesday's market woes, stating that it will not be the last. "There will be another Wednesday and another," said Cardano's founder, but that doesn't mean the crypto space is over. Instead, he encourages people to continue constructing and innovating in the space.

Hoskinson believes that the blockchain and crypto industries have already progressed this far and are already changing the world. Thus, short-term events will not halt the revolution, with a GIF of a honey badger battling a King Cobra for emphasis.

Not the first, and certainly not the last

It can be intimidating for investors who are new to the space or who entered during the 2021 bull market to see prices fall so dramatically in such a short time. For veterans, however, this was just another Wednesday in cryptocurrency, and there will be more.

A review of crypto history reveals that such events are not new. From the collapse of Mt Gox to the Bitfinex hack, the crypto space has always had "Black Swan" events that send the value of digital assets like Bitcoin to rock bottom.

Bitcoin's price dropped from a high of $19,000 to a low of $3,200 in 2017-2018. A similar situation occurred in 2013-2014 when the price of bitcoin fell from $1,150 to $103. What matters, in the end, is that the space has always triumphed, returning stronger with each bull market to set new all-time highs.

What are your thoughts on the current state of the market today? Do you agree with Hoskinson’s perspective? Drop your comments by sharing this article on social media. 

Nov 12, 2022
Digital Lifestyle

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