Cardano ADA/USD rallied to its highest level in seven months after founder Charles Hoskinson said he would help to shape cryptocurrency policy under President-elect Donald Trump's administration.
What happened: ADA, the native cryptocurrency of the ecosystem, surged 15% over the past 24 hours, witnessing a 353% jump in trading volumes.
The ninth-largest cryptocurrency by market capitalization leaped to an intraday high of $0.65, to later pull back below $0.60.
With gains of over 78% over the week, ADA was one of the best-performing large-cap cryptocurrencies in the said time.
The rally was spurred by Hoskinson's statement about taking a proactive role in Washington to push for a clear regulatory framework for cryptocurrencies.
"I’m going to be spending quite a bit of time working with lawmakers in Washington, D.C., and quite a bit of time working with members of the administration to help foster and facilitate with other key leaders in the industry, the cryptocurrency policy," Hoskinson said during a recent podcast.
Hoskinson expressed optimism that with Republicans taking control of the presidency and the Senate, and with a strong likelihood of controlling the House as well, this was the "best opportunity" the industry has ever had to get clarity.
Why It Matters: While there was nothing else as of this writing to support Hoskinson's statements, speculation pointed to a place in Trump’s cryptocurrency presidential advisory council, which was mentioned as part of his election promise earlier this year.
Hoskinson, known for his vocal criticism of the Joe Biden administration's cryptocurrency policies, has often highlighted the lack of regulatory clarity and what he perceives as an adversarial stance against the industry.
Hoskinson is one of the most prominent voices in the cryptocurrency space, recognized as a co-creator of Ethereum ETH/USD Cardano, along with his early association with groups tied to Bitcoin BTC/USD.
Price Action: At the time of writing, ADA was exchanging hands at $0.5934. up 15.23% in the last 24 hours, according to data from Benzinga Pro.
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