Cardano’s ADA Rockets 35% as Hoskinson Says He’s Helping U.S. Crypto Policy

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.

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.

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.”

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.