Cardano token (ADA) surged 80% after news of the blockchain founder's involvement in drafting a new US crypto policy

Bitcoin continues to set new records almost daily and has already reached the mark of $82,000. Other cryptocurrencies are also gradually rising, with many proclaiming the onset of a bull market from every corner (though caution is advised, as the crypto market can surprise us in both positive and negative ways).

Meanwhile, the fastest movement has been noted in ADA, the native token of the Cardano blockchain. The coin has hit a 7-month high after founder Charles Hoskinson announced his involvement in shaping new crypto-friendly policies in the U.S. starting in 2025. On Sunday, the ADA token surged to $0.64 before stabilizing at $0.60, marking an 80% increase over the past week.

Moreover, on November 10th, Cardano's (ADA) trading volume exceeded $5 billion, but currently stands at $4.54 billion.

In a video addressed by the TapTools platform, which tracks tokens on the Cardano blockchain, Hoskinson stated:

“I plan to spend a lot of time in Washington, working with lawmakers and members of the Trump administration to promote the growth of the crypto industry alongside other key industry leaders.”

JUST IN: @IOHK_Charles to collaborate with the U.S. government on shaping crypto regulations. pic.twitter.com/TAgMGf75mS

— TapTools (@TapTools) November 9, 2024

Recently, Hoskinson also announced that Cardano will serve as a Layer 2 solution for the Bitcoin network. This will enable Cardano to leverage Bitcoin's security and liquidity, integrating with its network for faster and more scalable transactions.

The new U.S. administration is seen as being very positive towards cryptocurrencies. Starting in 2025, residents of Detroit will be able to pay taxes and other city fees in cryptocurrency through a secure PayPal platform. Additionally, the U.S. national reserve could accumulate 1 million bitcoins as a hedge against inflation. Furthermore, the election winner Donald Trump actively accepted donations in cryptocurrencies and even launched his own crypto platform (albeit not very successfully).