ADA: Cardano on Rampage, gains 51% after Trump’s Speech
Cardano was on a rampage after the President mentioned the altcoin as part of the U.S. crypto strategic reserve.
The altcoin was up by a whopping 51% for the day. ADA was trading near the $1 market with a market valuation of $34.6 billion. The 8th most valuable crypto asset broke key resistance levels after the U.S. president hinted at XRP, ADA, and SOL as part of the U.S. crypto strategic reserve.
He positioned the initiative as a response to “deceptive assaults” on the cryptocurrency sector, allegedly orchestrated by the Biden administration.
“Establishing a US Crypto Reserve will boost this vital industry, which has suffered from years of deceptive assaults by the Biden Administration. The Executive Order on Digital Assets prompted the Presidential Working Group to progress with a Crypto Strategic Reserve, incorporating XRP, SOL, and ADA. I will ensure that the US becomes the global leader in cryptocurrency.” President Trump stated on Truth Social.
The declaration expands upon Executive Order 14178, signed previously this year, which set up the Presidential Working Group on Digital Asset Markets.
Led by venture capitalist David Sacks, the group was assigned to formulate a national strategy for digital assets, including the possibility of a government-held cryptocurrency reserve.
Although Bitcoin (BTC) was commonly anticipated to be the foundation of any federal digital asset holdings, Trump’s decision to emphasize XRP, SOL, and ADA indicates a more inclusive approach to blockchain adoption.
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