Cardano (ADA) has experienced a significant increase in value, reaching its highest level since April, following news of its founder Charles Hoskinson's intentions to engage in shaping US crypto policy under the Trump administration.
Cardano (ADA) Price Growth
Following Charles Hoskinson's statements, ADA cryptocurrency saw a 35% increase in price, leading to a surge in trading volumes. Over the past 24 hours, ADA climbed above $0.58, marking weekly gains of over 77%.
Futures Market Activity
Alongside the spot market's price increase, significant activity was observed in the futures markets. Open interest in ADA reached 858 million coins, worth over $500 million at current prices.
Impact of Macroeconomic Factors
The overall crypto market has been influenced by recent macroeconomic events, such as Donald Trump's election as US president and the Federal Reserve's 25 basis point rate cut. These developments have spurred bullish sentiment among major tokens, including Bitcoin.
The sustained growth of ADA is tied to Hoskinson's announcement of policy collaboration in Washington, which fuels investor interest in the cryptocurrency. It highlights the critical role of policy in the digital asset markets.
