Let’s see what the weekend brought in terms of crypto news with U.Today’s top four news stories.
Cardano founder speaks out on cause of crypto market crash; ADA down 8%
Friday’s market tumble has not left anyone indifferent, including Cardano founder Charles Hoskinson. In his Saturday tweets, Hoskinson commented on “another brutal red day,” saying that Ron Paul’s forecast shared years ago is now coming true and that the Fed has two options: “kill the economy with high-interest rates or destroy the currency with inflation.” The Cardano creator added that the way out of this madness is cryptocurrencies, since “central banks can't be trusted with monetary policy.” The market crash is related to Fed Chair Jerome Powell's recent hawkish speech in Jackson Hole, in which he promised that the central bank would "use its tools forcefully" to combat inflation. ADA, along with other major cryptos, dropped 8% to trade at $0.447 after Powell’s remarks and remains on the same level.
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