Popular altcoin, Cardano(ADA) surged to $0.6038 after Cardon founder, Charles Hoskinson shared his plans to join the Donald Trump administration as a crypto advisor.
ADA is currently trading at $0.6038 after seeping a jump of 16.78%. In a month, Cardano has seen a jump of 66.83%.
The 24 hour market volume for Cardano, currently stands at $5.26B after a jump of 662.58%. The market cap for ADA also grew by 16.91%, to $21.15B, as the global cryptocurrency market cap today hits $2.9 Trillion. As for technical metrics, Simple Moving Average (10) at 0.4241 and Relative Strength Index (14) at 85.510 indicate a ‘Buy Action’ for the crypto.
Notably, the surge was a cumulative effect of consistent growth, and also speculation regarding Cardano Founder Charles Hoskinson joining the Trump administration as a crypto advisor.
Charles Hoskinson in a recent video said that he is keen to work with premier stakeholders, especially in governmental circles. He is reportedly engaging lawmakers in Washington, D.C., to draft policies that will support the development of blockchain and cryptocurrencies. He shared his plan to establish a policy division for crypto regulations along with Input Output Global (IOG).
He added that policy division will primarily draft a legislative framework that also involves the terms stipulated in US financial laws, namely: the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA).
Overall, Cardano’s bullish trend underlines the market sentiment that regulatory clarity could lead to increased adoption, which has always been Hoskinson’s concern, especially after the FTX debacle.
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