There were sharp sales in the global cryptocurrency market throughout the week. The total market value decreased by approximately 4% in the last 24 hours, falling to 2.14 trillion dollars. Bitcoin’s decline to around $61,000 increased the pressure on altcoins. In this environment, Cardano’s native asset ADA fell below $ 0.16, reaching its lowest level since December 2020.
Pressure increased on the Cardano front
The sharp decline in ADA was not limited to general market weakness. Cardano’s founder Charles Hoskinson’s announcement that he would reduce his public visibility and the halting of the activities of some projects in the ecosystem strengthened the assessments that the pressure on the network was increasing. With the latest pricing, ADA has lost more than 70% of its value from its peak approaching $1.00 in 2026.
Charles Hoskinson is known as the founding figure of the Cardano blockchain and also stands out as one of the most visible names associated with Input Output Global. Hoskinson has stated that he will reduce his public appearances due to personal attacks and the increasingly abrasive online environment.
Hoskinson stated that he is not focusing on the ADA price, but will continue to work on the Midnight privacy-focused sidechain, but will do so with a lower profile.
Hoskinson also warned that more projects in the ecosystem may close in the second half of 2026. This statement comes after the closure of NFT marketplace JPG Store and analytics platform TapTools. According to what was reported, Hoskinson said that a “wave of failure” may come towards the Cardano ecosystem and pointed out that the community does not seem willing to support struggling projects with treasury resources.
Bitcoin weakness and liquidations were effective
The general selling wave in the market further increased the pressure on ADA. Bitcoin traded at $60,210 at the time of the news, falling below $70,000 for the first time since early April. While the text mentions a decline exceeding 26% for Bitcoin in the last 24 hours, this retreat brought about harsher losses in large-scale tokens with low liquidity.
A break below the $0.247 support level on ADA triggered additional liquidations. According to the data, approximately 75% of the liquidated positions were short transactions. Analyst Ali Martinez stated that two new downside targets for ADA are $0.11 and $0.051. These levels indicate the possibility of additional declines exceeding 70% compared to recent prices.
Management discussions and social data came to the fore
Governance discussions were also effective in the selling pressure on Cardano. Cardano Foundation canceled the 2026 Cardano Summit event planned to be held in Singapore. The revised funding request for 7.8 million ADA received 65.2% support, falling short of the required two-thirds majority. In a separate vote, ADA 32.9 million requested for Input Output Global’s research and development budget was also rejected; Over 80% voted against this proposal.
Mini-dictionary: Governance refers to the decision-making process in a blockchain network where the community or stakeholders can vote on budgets, upgrades, and strategic decisions. The treasury fund covers the resources accumulated by the network and allocated for ecosystem development.
On the social media side, interest in Cardano reached the highest level of 2026. According to Santiment data, the social dominance rate of ADA reached approximately 0.52%; In other words, more than one in every 190 posts about cryptocurrency mentioned the ADA. The number of daily active addresses also reached its peak in the last four months with 28,459. However, Santiment noted that this activity was due to decline expectations and volatility rather than adoption.
