Market
Cardano’s Hoskinson Champions New Crypto Policy Path
Cardano founder Charles Hoskinson has announced plans to collaborate with the impending Donald Trump administration to develop clear crypto regulations.
This comes amid a notable 34% rise in Cardano’s ADA token following a broader crypto rally that pushed Bitcoin to a new all-time high.
Hoskinson to Help Shape Crypto Policy With Trump Administration
On November 9, Hoskinson shared in a video on social platform X that he intends to work with the Trump administration to establish a regulatory framework for the cryptocurrency sector.
“I’m going to be spending quite a bit of time working with lawmakers in Washington DC to help foster and facilitate with other key leaders in the industry with the crypto policy,” Hoskinson said.
He added that his company — Input Output Global (IOG) — plans to set up a dedicated policy division focused on crypto regulations. This new division will work on creating a comprehensive legislative framework that incorporates key elements from the Financial Innovation and Technology for the 21st Century Act (FIT21) and the Responsible Financial Innovation Act (RFIA).
This office will actively engage with lawmakers and other stakeholders, focusing on influencing policymakers in key roles to advance the regulatory framework. Hoskinson also shared that the policy division plans to begin recruiting in early 2025.
“The crypto policy should be written by the American people, the American crypto industry, and well-meaning lawmakers who are willing to take the time to listen,” the Cardano founder stated.
Meanwhile, Hoskinson says the incoming Republican administration and a likely majority in Congress are a promising opportunity to bring regulatory clarity to the crypto industry. He highlighted the potential for the new political landscape to deliver long-needed guidance for crypto businesses and users.
Still, he emphasized the importance of bipartisan support for effective legislation. Hoskinson pointed to the recent passage of the FIT21 bill as an example of successful cross-party collaboration. He also noted that several younger Democratic lawmakers are interested in the burgeoning industry and they would play pivotal roles in helping the sector develop.
News of Hoskinson’s plans to collaborate with US officials has coincided with a surge in ADA’s value. Over the past 24 hours, the ADA token has jumped by over 36%, reaching above $0.60 — its highest price level since April — according to BeInCrypto data.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Artificial Intelligence Coins on the Rise: TFUEL, ZIG, and AKT
Artificial Intelligence (AI) is now the most dominant narrative in crypto, and some coins are capitalizing on it. TFUEL is nearing a $500 million market cap after an 18% rise in the last seven days, though it remains far below its 2021 peak. ZIG, up 15% in the past week, is closing in on its all-time high, fueled by strong market interest and its growing $200 million market cap.
Meanwhile, AKT, the fifth-largest AI-focused coin, has gained 22% this week and is on the verge of breaking the $1 billion market cap, highlighting its strong momentum and expanding role in decentralized cloud computing.
Theta Fuel (TFUEL)
TFUEL is the coin of Theta Network, a blockchain-powered video streaming platform. Its approach aims to lower streaming costs while improving content quality and expanding distribution reach.
TFUEL has gained 18% in the past seven days and is now approaching the $500 million market cap. Despite this recent growth, the altcoin remains significantly below its 2021 all-time high, sitting at just one-tenth of that peak value. This highlights both its potential for recovery and the challenges it faces in regaining former levels.
TFUEL’s RSI is currently at 50, indicating neutral momentum where neither buyers nor sellers dominate. If the uptrend gets strong again, it could rise to test $0.080 and potentially reach $0.1. However, if the trend is reverted, it could go down as much as $0.054 or even $0.047.
ZIGDAO (ZIG)
ZIGDAO, formerly known as Zignaly, is a platform designed to enable crypto copy trading with artificial intelligence. It allows users to invest in digital assets by following the strategies of top managers and funds.
ZIG is currently 20% below its all-time high but may be gearing up to test it again. The coin has recently surpassed a $200 million market cap and is up 15% over the last seven days.
If the uptrend remains strong, ZIG could break past its all-time high, surpassing $0.19. However, a reversal in market sentiment could see the coin testing its support at $0.127. If that level fails, ZIG may face a deeper correction, potentially dropping to $0.081.
Akash Network (AKT)
Akash Network is a decentralized, open-source cloud computing platform designed to connect those in need of computing power with providers offering cloud resources using artificial intelligence.
AKT, Akash’s native token, is currently the fifth-largest AI-focused coin in the market and is approaching a $1 billion market cap. With a 22% gain over the past seven days, AKT has demonstrated strong momentum, positioning itself for potential further growth as it eyes this significant milestone in the coming weeks.
If the uptrend continues, AKT could test resistance at $4.71 and possibly push toward $5 for the first time since May 2024. However, if market sentiment shifts and the trend reverses, AKT may face downward pressure, testing support levels at $2.87 and $2.43.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Trump Taps Pro-Crypto Scott Bessent for Treasury Secretary Role
Donald Trump, the President-elect of the United States, has nominated Scott Bessent as Treasury Secretary for his administration. This decision has generated enthusiasm in the emerging industry due to Bessent’s pro-crypto reputation.
Bessent and Cantor Fitzgerald CEO Howard Lutnick had been considered strong favorites for the position. However, Lutnick was eventually nominated as Commerce Secretary.
Crypto Industry Welcomes Scott Bessent’s Nomination for Treasury Secretary
In a November 22 announcement on Truth Social, Trump praised Bessent as the ideal candidate to support his administration’s economic goals. The President stated that Bessent will play a pivotal role in strengthening the US economy, fostering innovation, and maintaining the dollar’s status as the global reserve currency.
“Scott will support my policies that will drive US competitiveness, and stop unfair trade imbalances, work to create an economy that places growth at the forefront, especially through our coming world energy dominance,” Trump added.
Wall Street veteran Bessent, who founded the international macro investment company Key Square Group, brings extensive experience to the role. He had previously served as the chief investment officer for the prominent investor George Soros.
While President Trump’s announcement did not directly reference cryptocurrencies, many in the digital asset space view Bessent’s appointment as a positive sign. In past statements, Bessent has described crypto as a symbol of financial freedom. He also called Bitcoin an alternative investment for younger investors disillusioned with the traditional financial system.
“I have been excited about the president’s embrace of crypto and I think it fits very well with the Republican Party, crypto is about freedom in the crypto economy is here to stay,” Bessent stated.
His pro-crypto stance has led many to believe his leadership could encourage a more balanced approach to digital asset regulation. This would contrast with the outgoing administration’s enforcement-heavy tactics, such as its controversial sanctions on decentralized platforms like Tornado Cash.
Indeed, crypto industry leaders have responded enthusiastically to Bessent’s nomination. Ripple CEO Brad Garlinghouse commended Bessent’s nomination, calling it a win for innovation. He noted that Bessent’s leadership could mark a turning point for crypto-friendly policies in Washington.
Similarly, Kristin Smith, CEO of the Blockchain Association, highlighted the importance of Bessent working with Congress to establish clear regulations, ensure fair tax treatment, and protect self-custody rights for digital assets.
“Critical to this nomination would be working with Congress on a regulatory framework for digital assets, protecting the right to self custody, pushing for clearer tax treatment of digital assets, and working closely with industry experts to protect our nation’s security,” Smith remarked.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Market
Will the Cardano Coin Price Rally Continue?
ADA, the native coin of the Cardano blockchain, has made a significant price breakthrough. It has surpassed the $1 mark for the first time in two years. As of this writing, the altcoin trades at $1.09, a price level last observed in April 2022. `
Over the past 24 hours, ADA’s price has rocketed by 24%, and its trading volume has increased by 131% during the same period. With heightening buying pressure, the Cardano coin price rally is poised to continue.
Cardano Holders See Green
Cardano’s ascent above the $1 price mark has put many of its holders in profit. According to IntoTheBlock’s Global In/Out of the Money indicator, 3.15 million addresses, which comprise 71% of all ADA holders, are “in the money.”
An address is said to be “in the money” if the current market price of the asset it holds is higher than the average cost at which the address acquired those tokens. This means the holder would profit if they sold their holdings at the current market price.
Conversely, 715,230 addresses, which comprise 16% of all ADA holders, are “out of the money.” These addresses would incur a loss if they sold at the current price. Per IntoTheBlock’s data, this cohort of investors acquired their coins when ADA sold above $1.40.
Notably, with many addresses now holding unrealized profits, long-term holders (LTHs) of ADA are repositioning, potentially to secure gains. This activity is reflected by the spike in ADA’s age-consumed metric, which, per Santiment’s data, skyrocketed to a monthly high of 86.91 billion on November 22, when the uptrend began.
This surge is notable because long-term holders rarely move their coins around. When they do, it often hints at a shift in market trends. Therefore, as in ADA’s case, if the spike is accompanied by increased trading volume and positive price action, it suggests that long-term holders are taking profits. This may fuel further price increases as new buyers enter the market.
ADA Price Prediction: The Upward Trend Is Strong
On the daily chart, ADA’s Aroon Up Line is at 100%. The Aroon indicator measures the strength and direction of a trend. When the Aroon Up line is at 100%, it indicates a strong upward trend, suggesting a recent high and a potential continuation of the bullish momentum.
If this holds and new demand continues to enter the market, the Cardano coin price rally will continue toward $1.24, a price high it last reached in March 2022.
On the other hand, if profit-taking intensifies and buying pressure weakens, ADA’s price may fall to retest support at $1. Should this level fail to hold, the downtrend will be confirmed, and ADA’s price will plunge to $0.85.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
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