Cardano Founder Talks About "Key Cause" of Market Sell-off, ADA Down 8%

Charles Hoskinson, the founder of Cardano, cites the primary reason for the sell-off — a high inflation report — while referring to a CNBC piece. A higher-than-anticipated reading for inflation was reported in the consumer price index data for August. Headline inflation increased 0.1% month over month, while monthly changes in core inflation were up 0.6%. On a year-over-year basis, inflation was 8.3%.

The markets plunged on Tuesday after a crucial August inflation report came in stronger than anticipated, which undermined investor hopes for a less aggressive Federal Reserve. In anticipation of a favorable report for August, Bitcoin (BTC) had gained 15% over the weekend. However, once the fresh data was made public, it fell by 4%. The S&P 500 dropped 2.4%, and the Nasdaq Composite sank more than 3%.