Charles Hoskinson, founder of Cardano and CEO of Input Output Global, has announced a collaboration with the Trump administration to accelerate favorable regulation of digital assets in the country.
Since last week, the price of Cardano (ADA) has seen a significant increase, reaching a value of $0,65 per unit and a market cap of $4.490 billion.
Data from cryptocurrency price monitoring platforms such as CoinMarketCap shows that the native cryptocurrency of Cardano has quickly gone from trading at $0,38 last week to trading around $0,65 today., gaining over 77% in the past 7 days. This price surge has generated a lot of interest in the cryptocurrency community and has led many to wonder what is behind this bullish rally.
Source: CoinMarketCap
Currently, Cardano is ranked number 9 on the list of the most valued cryptocurrencies in the market, in terms of market capitalization.
Charles Hoskinson announces collaboration with Trump administration
In a recent announcement, Input Output Global CEO Charles Hoskinson expressed his interest in collaborate with the Trump administration to develop cryptocurrency regulations in the countryIn addition, Cardano may also contribute to creating new blockchain technology solutions for the US government within the framework of this collaboration.
This news and speculation about Cardano's involvement in the Trump administration has generated a lot of interest in the cryptocurrency community, driving the rise in the price of ADA. Many see the Trump administration as an opportunity for a clearer and less restrictive regulatory environment for cryptocurrencies, which could benefit projects like Cardano.
According to Hoskinson, the possible collaboration with the Trump administration aims to help develop the new regulatory framework that will oversee cryptocurrencies and lead the nation to become a global benchmark for digital assets. As we have reported in this medium, Donald Trump said he wanted to turn the United States into the global leader in cryptocurrencies, promoting a favorable regulatory environment, creating a strategic cryptocurrency reserve and, among other things, collaborating with industry experts to develop innovation and attract new capital.
Furthermore, as some analysts have pointed out, it is also possible that, through this collaboration, Cardano will contribute to the nation in creating blockchain technology solutions that improve the efficiency and transparency of public administration.
The crypto market bullish rally
On the other hand, the rise in Cardano's price is not only being driven by Hoskinson's recent statements. In fact, the cryptocurrency market in general is experiencing a bullish rally since November 5, when the US presidential elections were held.
According to CoinMarketCap data, the price of the top cryptocurrency has increased significantly over the past 7 days, with Bitcoin leading the bullish rally and breaking new all-time highs. Currently, the ATH (All-Time High) of the leading cryptocurrency by capitalization was set at $82.371 per BTC.
This bullish rally is due to a combination of factors, including Donal Trump's election victory, the overall macroeconomic context, the growing demand and institutional investment in cryptocurrencies and their global acceptance. In the case of Cardano, experts have also highlighted the development and constant improvement of the blockchain network, with solutions such as Midnight and Paima Engine v2, as part of the factors that have driven its price up.
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