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Cardano’s ADA Rockets 35% as Hoskinson Says He’s Helping U.S. Crypto Policy
ADA extended 7-day gains to 77% as Charles Hoskinson said development company Input Output will set up a policy office in the U.S.
Updated Nov 10, 2024, 10:30 a.m. Published Nov 10, 2024, 10:29 a.m.
Cardano’s ADA tokens surged 33% in the past 24 hours, outperforming bitcoin and other majors, as founder Charles Hoskinson revealed plans to help shape U.S. crypto policy under the Trump administration — boosting speculative bets on the token.
ADA rose above 58 cents for the first time since April, extending 7-day gains to over 77%, with trading volumes surging to $3.3 billion on Saturday compared to $300 million during 24 hours on Friday.
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ADA-denominated open interest on futures tracking the token jumped to 858 million ADA, or over $500 million at current prices. Open interest refers to the number of unsettled futures bets and is indicative of new money flowing into an asset in expectations of higher volatility in the future.
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Such moves came amid a generally bullish week which saw Republican Donald Trump elected as U.S. president and a fresh round of rate cuts by the Federal Reserve on Thursday, supporting growth across all major tokens.
However, a burst of speculative frenzy around ADA likely came in response to Hoskinson's plans to support U.S. crypto policy under the Trump administration, per a Friday podcast.
“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,” Hoskinson said in his X podcast. “We have to do this.”
I'm Back https://t.co/55sN3N7Xq8
— Charles Hoskinson (@IOHK_Charles) November 9, 2024
Hoskinson added in the podcast that the Cardano development lab Input Output will set up a local office to support policy development, stating he “hopes to be part of” actual policy shaping when Trump takes office.
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