Cardano's Charles Hoskinson Says Crypto Needs New Narrative as Sentiment Hits Record Lows

Cardano founder Charles Hoskinson has stated that the crypto market needs a new narrative to support price movements and recovery after sentiment dropped considerably amid bearish pressure. While speaking at the Consensus conference in Hong Kong, Hoskinson suggested that, although the outlook appeared bleak, the industry needed a shift to bounce back.

Hoskinson Calls For a New Direction in the Crypto Industry

In his statement, the Cardano founder acknowledged that, under current market conditions, the industry was not healthy. He outlined several issues plaguing it, including limited liquidity and fear spreading on social platforms such as X. As a result, market sentiment has reached an all-time low.

“Despite the fact that the micro looks bad, the macro is just saying, we need to have a new paradigm, a new vision, a new narrative,” he stated.

Hoskinson’s remarks come as the crypto fear and greed index continues to decline, reaching 5. This indicates that the market is in a state of extreme fear, with no significant buying volume, as traders anticipate that the worst is not yet over.

During the event, Hoskinson wore a McDonald’s shirt that depicted massive losses following the market crash. As ZyCrypto reported, Hoskinson reported undisclosed losses of $3 billion from his Bitcoin and Cardano holdings.

According to one analyst, the sharp decline in the fear index suggests the market has reached a local bottom. While such dips often precede a bounce, the analyst added that prices could remain at these low levels for some time before a significant rebound.

Hoskinson Reveals Date for Midnight Mainnet Launch

At the event, Hoskinson also revealed that the launch of the Midnight mainnet was near. He noted that it would happen at the end of March, adding that Cardano had secured strong partners for this initiative.

Midnight will use zero-knowledge proof technology to protect users’ privacy. The network will act as a bridge between private and public ledgers, while supporting private transactions. Once launched, the community expects it to add utility to the ADA token.

After Hoskinson set the launch date, the Cardano price surged despite the broader market remaining bearish. At press time, ADA traded at $0.27, down 1.42% in 24 hours. Meanwhile, trading volumes had increased by more than 20% to $470 million.