30s Summary
Cardano’s ADA tokens increased by 33% in one day, breaking past records set by other major cryptocurrencies. The surge resulted from Charles Hoskinson, founder of ADA, revealing his intention to influence US crypto policy under the Trump administration. In a week, ADA’s value rose by 77%, trading blowing up from $300 million to $3.3 billion. The development of US crypto policy is believed to be a major factor in this increase. Hoskinson plans to work with Washington lawmakers and Cardano’s development lab to contribute to policy development.
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Cardano’s ADA tokens have shot up 33% in a day, smashing records set by bitcoin and other major cryptocurrencies. This spike came after the coin’s founder, Charles Hoskinson, spoke up about his plans to help shape U.S. crypto policy under the Trump administration. The news whipped up excitement from token speculators. ADA hit 58 cents for the first time since April and its 7-day gains exceeded a whopping 77%. In just 24 hours, trading volumes blew up from $300 million to $3.3 billion on Saturday.
Open interest on ADA futures jumped to 858 million ADA – that’s over $500 million in today’s money. Open interest is the total number of unsettled futures bets, and it’s a good measure of new money coming into an asset expecting lots of price fluctuations.
The ADA bull run happened amidst a good week for crypto, with Donald Trump elected as U.S. president and the Federal Reserve announcing a fresh round of rate cuts, both of which boosted growth across major cryptocurrencies. However, the big surge in ADA is likely due to Hoskinson’s upcoming engagement in US crypto policy.
Hoskinson revealed in a recent podcast, “I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate crypto policy with other key leaders in the industry. We have to do this.” Both he and Cardano development lab Input Output are planning to set up a local office to contribute to policy development, hoping to play a role in policy shaping under the Trump administration.