Cardano

bullish

Bitcoin

when

Cardano (<a href="https://yellow.com/asset/ada">ADA</a>) is having a field day this week courtesy of Donald Trump-related news. The latest addition to this is <a href="https://yellow.com/asset/ada/technical-analysis/no-crypto-czar-hoskinson-addresses-concerns-over-potential-trump-advisory-role">Cardano founder Charles Hoskinson saying he could help the Trump administration shape up the US crypto policy</a>. This led to a 33% spike in ADA tokens yesterday, with Cardano outperforming Bitcoin and other cryptos. 
Cardano’s 7-day gains crossed 77% growth as the token rose to 58 cents and above for the first time since April. The <a href="https://yellow.com/news/cardano-volume-rises-160-along-with-open-interest-surge-new-ath-in-sight">trading volume</a> of ADA also increased to $3.3 billion on November 9 from $300 million on November 8. 
The Cardano-denominated open interest (OI) on futures tracking also spiked over $500 million from current prices as it touched 858 million ADA. Open interest means unsettled future best which shows the amount of new money flowing into a digital asset as traders expect high price volatility in the future. 
This comes at a time when the crypto market is in a bullish run over Donald Trump's win in the US presidential election and the subsequent 25 basis points Federal rate cut announced on Thursday. This political development has been causing all major tokens to soar recently. 
But the speculative bets on Cardano were triggered by Hoskinson’s announcement of supporting the Trump administration’s US crypto policy, as shared on a podcast on Friday. 
“I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy,” the Cardano founder revealed in his X podcast. “We have to do this”, Hoskinson added. 
He further informed that the Cardano development lab Input Output will be setting up a local office to support the US crypto policy development. Hoskinson said that he “hopes to be part of” actual policy development after Trump takes office. 
At the time of writing, ADA was up 9% in the last 24 hours to trade at $0.6418 while its trading volume has gone down over 38% to reach $3 billion and the market cap stands at $22.47 billion with a 9.99% gain.

Cardano Rallies After Hoskinson Announces He Will Help Shape Up US Crypto Policy Under Trump

Yellow News

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