The cryptocurrency market continues to experience growth, with Cardano's ADA leading the way. The token saw a 30% rise following announcements from its founder, Charles Hoskinson, about collaborating with the Trump administration on crypto regulation policies.
ADA's Growth During Bull Market
ADA's price spiked by 30%, placing Cardano in the spotlight of the cryptocurrency market. At the start of the week, the price was just above $0.3 and soon approached the $0.6 mark. Alongside other altcoins, ADA is benefiting from the latest surge in the bull market.
Hoskinson's Crypto Regulation Plans
Charles Hoskinson, the founder of Cardano, announced plans to set up an office to work on combining two regulatory frameworks — FIT21 and RFIA. His goal is to create a bipartisan legislative act in the US. This move could potentially strengthen the position of cryptocurrencies like Cardano in the financial market.
ADA Technical Analysis
Currently, ADA's technical indicators are mixed. The RSI level is at 73, suggesting potential market overheating. The MACD also shows negative signals, having crossed below its signal line. Nevertheless, if the bulls maintain activity, the $1 target this month could be achievable.
While Cardano continues to show growth amidst positive news, the market is also assessing the impact of regulatory initiatives. Hoskinson's next steps and support from the US administration could be key factors for ADA's further dynamics.
