Cardano’s ADA tokens saw a significant surge of 33% in the past 24 hours, surpassing the performance of bitcoin and other major cryptocurrencies. This surge was sparked by founder Charles Hoskinson’s announcement of plans to contribute to shaping U.S. crypto policy during the Trump administration. As a result, speculative bets on the ADA token increased.
ADA’s price rose above 58 cents for the first time since April, marking a 7-day gain of over 77%. Trading volumes also experienced a notable increase, reaching $3.3 billion on Saturday compared to $300 million in the previous 24 hours.
In addition to the price surge, ADA-denominated open interest on futures tracking the token skyrocketed to 858 million ADA, equivalent to over $500 million at current prices. This surge in open interest signifies a growing interest in ADA futures and suggests expectations of higher volatility in the future.
The overall bullish sentiment in the cryptocurrency market was further fueled by Republican Donald Trump’s election as U.S. president and the Federal Reserve’s recent round of rate cuts. These developments supported growth across all major tokens.
The heightened speculation around ADA following Hoskinson’s announcement highlights the impact of key figures in the cryptocurrency industry on market movements. Hoskinson’s commitment to working with lawmakers in Washington DC to influence crypto policy demonstrates the growing importance of regulatory decisions in shaping the future of cryptocurrencies.
As Hoskinson revealed plans for Cardano’s development lab Input Output to establish a local office to support policy development, it became clear that the project aims to actively participate in the policy-making process. This proactive approach could position Cardano as a key player in shaping regulatory frameworks under the new U.S. administration.
Overall, the surge in ADA’s price and trading volumes, coupled with the increase in futures open interest, reflect the growing optimism and interest in Cardano’s potential. The influence of key industry figures like Charles Hoskinson on market dynamics underscores the evolving landscape of cryptocurrency regulation and policy development.