Hoskinson unloads on Trump Coin, saying the PolitiFi meme coin is a political grift that stalls crypto innovation.
Cardano’s (ADA) founder Charles Hoskinson has recently acknowledged the need for unanimous decentralized finance (DeFi) solutions, bridging the DeFi ecosystems of XRP & Bitcoin (BTC) along with the newly-forged Cardano’s side-chain, Midnight.
Cardano’s Midnight Connects Major DeFi Perks
In a recent interview for the Angry Crypto Show, Charles explained that Cardano’s new side-chain has access to all those connection points, including the privacy part. This makes Midnight chain stand out as a regulatory-compliant private blockchain that keeps the user identities concealed, something that Monero (XMR) & Zcash (ZEC) isn’t capable of.
Charles Hoskinson revealed that the TOP 15 decentralized applications (dApps) on Cardano’s network will get cross-chain utility via Midnight. While the privacy chain’s native NIGHT token soared beyond 200% in the first two weeks, Cardano’s (ADA) price movement remained dulled sub-$0.35. However, that has changed today with ADA’s upswing beyond $0.40.
Futures Is The Reason Behind Cardano’s Bounce
The 3.6% daily upswing is mostly driven by the demand on Futures markets. Leveraged plays on Cardano’s (ADA) price saw a 5.41% uptick in Open Interest (OI). Standing for the figure of all unsettled leveraged plays, this metric soared to $797.62 million, according to CoinGlass.
Interestingly, short-sellers are now paying for long plays on Cardano’s (ADA) price, as the funding rate turns ultra-green. If Cardano’s $0.40 resistance level holds, this could amplify the rebound towards $0.55, a psychological threshold the OG asset hasn’t touched in three months.
In a follow-up podcast, Cardano’s founder (ADA) Charles Hoskinson slammed Donald Trump’s administration for the slow action on crypto-related bills. As the Clarity Act got postponed today during the latest Congress session, the Crypto Cowboy went as far as to say that Donald Trump’s team had politicized the crypto industry with the President’s signature meme coin.
This had stalled the legal adoption of crypto worldwide, Cardano’s founder assumed. Charles Hoskinson expects the regulatory uncertainty to persist until 2029, calling the appointment of David Sacks as “crypto czar” unfavorable for the broader community, allegedly “alienating half of voters”, undermining the bi-partisan consensus window in regards to the matter.
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