And against this backdrop, another downturn is happening across the larger cryptocurrency market, Bloomberg News reported Sunday (June 7), wiping out billions of dollars.

The report cited a recent video from Charles Hoskinson, founder of the Cardano crypto network, who warned users to prepare themselves for projects that disappear, businesses that run dry, and developers who leave the crypto space.

“I suspect there’s going to be a wave of failures,” Hoskinson said. “This year is going to be very hard.”

According to the report, tens of millions of crypto tokens have been launched in recent years, but just a fraction of that number – under 1,700 –…