The global cryptocurrency market experienced sharp sell-offs throughout the week. The total market capitalization dropped by nearly 4 percent in the last 24 hours alone, falling to $2.14 tril
The global cryptocurrency market experienced sharp sell-offs throughout the week. The total market capitalization dropped by nearly 4 percent in the last 24 hours alone, falling to $2.14 trillion. Bitcoin’s retreat to the $61,000 range put additional pressure on altcoins. Against this backdrop, Cardano’s native token ADA fell below $0.16, marking its lowest level since December 2020.
ADA’s dramatic decline was fueled not only by overall market weakness. Founding figure Charles Hoskinson announced he would reduce his public visibility, while several projects within the Cardano ecosystem ceased operations, intensifying the sense of strain across the network. Following the latest price drop, ADA has lost more than 70 percent of its value compared to its 2026 peak near $1.00.
Charles Hoskinson is widely recognized as the architect behind the Cardano blockchain and remains one of the most visible figures linked to Input Output Global. Citing persistent personal attacks and an increasingly toxic online climate, Hoskinson stated he would be stepping back from the public eye.
Hoskinson said that while he is not focused on ADA’s price, he will continue working on the Midnight privacy-focused sidechain but plans to do so with a lower public profile.
Additionally, Hoskinson warned that more projects could shut down within the ecosystem by the second half of 2026. His remarks followed the shutdown of the NFT marketplace JPG Store and the analytics platform TapTools. Hoskinson suggested a wave of failures could hit the Cardano ecosystem, emphasizing the community’s apparent reluctance to support struggling projects through treasury resources.
The broader wave of selling across markets has only increased the downward pressure on ADA. For the first time since early April, Bitcoin fell below $70,000 and was trading at $60,210 at the time of reporting. The article notes that Bitcoin saw losses surpassing 26 percent in the last 24 hours, with this slide triggering even sharper declines in large tokens with thinner liquidity.
ADA’s breach of the $0.247 support level sparked a new round of liquidations. Data show that roughly 75 percent of the liquidated positions were short trades. Analyst Ali Martinez pointed to two new downside targets for ADA: $0.11 and $0.051. These figures indicate further downside potential exceeding 70 percent from current prices.
Governance disputes have also contributed to the selling pressure on Cardano. The Cardano Foundation canceled plans for its 2026 Cardano Summit, which was set to take place in Singapore. A revised funding proposal for 7.8 million ADA fell short of the required two-thirds majority, receiving just 65.2 percent approval. In a separate vote, a request from Input Output Global for a research and development budget of 32.9 million ADA was also rejected, with over 80 percent voting against it.
Mini Glossary: Governance in blockchain refers to decision-making processes that allow a community or stakeholders to vote on budgets, upgrades, and strategic matters. Treasury funds are resources set aside by the network for ecosystem development.
On the social media front, Cardano-related mentions surged to their highest point of 2026. According to Santiment data, ADA’s social dominance rate reached approximately 0.52 percent, meaning more than one out of every 190 crypto posts referenced ADA. The number of daily active addresses also climbed to a four-month high at 28,459. However, Santiment noted that this uptick was driven more by bearish sentiment and volatility than by actual adoption momentum.
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