Investing.com as reported by
This came after its founder Charles Hoskinson announced plans to help shape US cryptocurrency policy under President-elect Donald Trump, boosting speculative bets on the currency.
The bullish momentum came when ADA price crossed 58 cents for the first time since April and trading volumes surged to $3.3 billion on Saturday compared to $300 million in 24 hours on Friday.
Open interest in ADA futures contracts jumped to 858 million ADA, or over $500 million at current prices. Open interest refers to the number of unfilled futures contracts and is an indicator of new money flowing into the asset with expectations of increased volatility going forward.
The moves come amid a generally positive week that saw Republican Donald Trump elected US president, along with a fresh round of interest rate cuts by the Federal Reserve on Thursday, which supported growth across all major currencies.
However, the speculative enthusiasm around ADA appears to have come in response to Hoskinson’s plans to support U.S. crypto policy under Trump, he said in a podcast on Friday.
“I will be spending a lot of time working with lawmakers in Washington, D.C., to foster and facilitate collaboration with other industry leaders on crypto policy,” Hoskinson said in a podcast on the X platform. “We have to do that.”
Hoskinson noted that Cardano’s development lab, Input Output, will open a local office to support policy development, expressing hope to be “actively involved” in policy formulation when Trump takes office.
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