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Cryptocurrency Cardano (ADA) soars 35% as Charles Hoskinson supports crypto policy in the US
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The cryptocurrency market saw an impressive rise in Cardano’s ADA cryptocurrency after founder Charles Hoskinson announced his participation in shaping cryptocurrency policy in the United States.
Amid this movement, the price of ADA rose 35% in the last 24 hours, surpassing even Bitcoin and other major cryptocurrencies, and reaching the level of 58 cents for the first time since April.
The news caused investors to bet heavily on the token’s appreciation, increasing trading volume to US$3.3 billion on Saturday, a significant jump compared to the US$300 million recorded on Friday.
Interest in ADA, especially in futures linked to the token, has skyrocketed, reaching 858 million ADA in open contracts, a value that exceeds US$500 million based on current prices.
Cardano
This increase in open contracts, an indicator of new bets and capital entering the asset, reflects the expectation of Cardano’s high volatility and growth potential, with investors betting on the appreciation driven by Hoskinson’s political initiatives.
ADA’s rise occurred during a week marked by a series of favorable news for the crypto sector, including the election of Donald Trump as US president and interest rate cuts promoted by the Federal Reserve on Thursday. These events fueled optimism in the crypto market, but Hoskinson’s announcement, made during a podcast on Friday, attracted even more attention and gave ADA an extra boost.
Hoskinson explained in his podcast that he will spend more time in Washington DC, working alongside policymakers to promote and facilitate robust and inclusive crypto policy in the United States.
He reinforced the importance of shaping policy with industry leaders, emphasizing that “we need to do this.” The developer also revealed that Input Output, the laboratory responsible for developing Cardano, will open an office in Washington to support policy development.
This strategic move demonstrates Hoskinson’s intention to actively engage in political and regulatory issues that directly impact the cryptocurrency market. For many analysts and investors, this rapprochement with North American politics represents an opportunity for Cardano to gain space in the market, as more favorable policies can benefit the adoption and growth of cryptocurrencies in the country.
Another cryptocurrency that is attracting market attention is FreeDum Fighters, which uses humor and gamification to engage users in the political scene in the United States.
Cryptocurrency Cardano (ADA) soars 35% as Charles Hoskinson supports crypto policy in the US
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Cryptocurrency Cardano (ADA) soars 35% as Charles Hoskinson supports crypto policy in the US
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Cryptocurrency Cardano (ADA) soars 35% as Charles Hoskinson supports crypto policy in the US
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Cryptocurrency Cardano (ADA) soars 35% as Charles Hoskinson supports crypto policy in the US
