Bloomberg Reveals Why Cardano is Surging as ADA Outperforms BTC with 100% Gains

Bloomberg highlights Cardano’s incredible post-election performance and identifies the potential reason behind this surge. 

During a recent edition of Bloomberg’s China Show, co-host Yvonne Man commented on the post-election performance of top crypto assets, particularly Bitcoin (BTC) and Cardano (ADA).

ADA Outperforms Bitcoin Post-Election Gains 

Notably, the presenter pointed out that Bitcoin has drawn significant attention since the election, surging 46%-47% to around $92,000 within this timeframe. 

However, Yvonne stressed that Cardano has outperformed Bitcoin’s gains since early November. She emphasized that ADA’s price has soared nearly 100% since after the election, outperforming BTC along the line. 

For context, ADA has witnessed substantial gains since the U.S. election, which led to the victory of pro-crypto president Donald Trump. It bears mentioning that ADA was trading around $0.35 on election day. Although ADA had a slow start compared to Bitcoin after Trump’s victory, it later participated in the broader market rally, surging to $0.8466 yesterday. 

Reason Behind ADA Surge 

Interestingly, Yvonne attributed ADA’s price surge to Cardano founder Charles Hoskinson’s recent engagement with U.S. lawmakers. 

The Cardano founder has been active since the election, discussing with prominent stakeholders within the crypto and political sectors. This could potentially provide regulatory clarity for ADA, which the SEC labeled a security last year. 

Earlier this week, he revealed his engagement with U.S. lawmakers as part of efforts to advocate for a comprehensive crypto framework. 

Hoskinson Pushes for Crypto-Friendly Regulation in the US  

Notably, Hoskinson reiterated that he was still actively discussing with lawmakers during his latest appearance on Bloomberg. 

Had fun on Bloomberg last nighthttps://t.co/8QujkWaRsE

— Charles Hoskinson (@IOHK_Charles) November 21, 2024

According to him, the discussion is focused on establishing a crypto commission that will oversee regulations across different crypto sectors, ranging from exchanges to stablecoin. 

He revealed that his engagement is centered on the executive and legislative approach to cryptocurrency, with an emphasis on resolving the debate regarding whether cryptos should be classed as securities or commodities. 

Hoskinson pointed out that previous attempts to obtain regulatory clarity through the legislative arm of government have not been successful, citing the Digital Commodity Exchange Act (DCEA). Although introduced in 2022, this legislation is still pending before the House Committee on Agriculture. 

On the executive arm, Hoskinson mentioned Trump’s promise to prioritize crypto innovation. However, he stated that the U.S. President-Elect might face the challenge of effectively coordinating with lawmakers. 

Furthermore, he emphasized that the potential replacement of SEC Chair Gary Gensler with a pro-crypto chairperson could significantly impact the U.S. crypto regulatory landscape.  

Currently, Trump is considering several individuals to replace Gensler, whom he plans to fire when inaugurated. They include former SEC official Teressa Goody Guillen, commissioner Hester Peirce, and Robinhood’s CLO Dan Gallagher, among others.    

Although Hoskinson aims to position the United States as a leader in crypto-friendly regulations, he stressed the need to ensure that the country’s crypto regulation aligns with global regulatory standards. 

Cardano Founder Meets Ripple Execs 

Besides meeting with lawmakers, Hoskinson has also engaged other prominent crypto stakeholders, including Ripple execs Brad Garlinghouse and David Schwartz. 

These interactions hint at a possible partnership between Ripple and Cardano. Notably, the speculation may have contributed to ADA’s recent price surge. In the meantime, ADA is trading at $0.7819, down 0.31% over the past 24 hours.