- Cardano founder Charles Hoskinson says crypto sentiment is the worst he has seen in 15 years
- Bitcoin fell from $126K in October to $60K before recovering near $71K
- The October crash wiped out more than $19 billion in liquidations in one day
Cardano founder Charles Hoskinson says the cryptocurrency market is currently experiencing the worst sentiment he has witnessed in his 15 years in the industry. Speaking during a recent YouTube podcast, Hoskinson explained that fear, doubt, and uncertainty have reached levels rarely seen in previous crypto cycles.
According to him, the prolonged downturn across digital assets has shaken investor confidence and pushed many participants to exit the market.
Crypto Market Struggled After the October Crash
Much of the current negative sentiment can be traced back to the market crash on October 10. During that event, the crypto sector experienced the largest liquidation event in its history.
More than $19 billion in leveraged positions were wiped out in just 24 hours. The shock triggered a widespread selloff across the market.
Bitcoin fell dramatically from its October peak near $126,200 to around $60,000 in February before recovering to roughly $71,000. Meanwhile, many altcoins suffered even deeper losses.
Altcoins Hit Hardest During the Downturn
Hoskinson pointed out that altcoins have struggled far more than Bitcoin during the recent cycle. Data suggests that more than 38% of altcoins are currently trading near their all-time lows.
This has intensified the sense of pessimism among investors. Many traders who entered the market during the previous bull run have faced significant losses, contributing to declining confidence across the sector.
The Fear and Greed Index, a popular measure of crypto sentiment, recently dropped to a record low of 5, indicating extreme fear among market participants.
Debate Around the Causes of the Crash
Several explanations have been proposed for the October market collapse. Initially, many analysts linked the crash to macroeconomic concerns following new tariff announcements involving China.
However, some industry leaders have suggested internal factors may have also contributed to the volatility. Allegations circulated that aggressive promotion of certain stablecoin products may have played a role in triggering market stress.
Those claims remain disputed and have not been independently confirmed.
Hoskinson Says the Industry Must Rebuild Trust
Despite the gloomy outlook, Hoskinson believes the crypto industry can recover if it focuses on delivering stronger utility and innovation.
He argued that the path forward requires projects to improve their technology and provide users with clear reasons to remain engaged with digital assets.
According to Hoskinson, rebuilding positive sentiment will depend on demonstrating real value rather than relying solely on speculation.
Cardano’s Vision for the Next Phase of Crypto
Hoskinson also emphasized that Cardano’s ecosystem could play a major role in shaping the next phase of the crypto industry. He encouraged developers and community members to use the platform’s governance system to drive meaningful improvements.
If the ecosystem succeeds in delivering better user experiences and practical applications, he believes Cardano could emerge as a leading example of how decentralized governance can support long-term innovation.
For Hoskinson, the current downturn may represent a painful moment for the industry, but it could also become the starting point for a stronger and more mature crypto ecosystem.
