Trump Boosts ADA Futures on Bitrue as Cardano Enters US Crypto Reserve
1min read Traders on Bitrue, a cryptocurrency exchange, have shown increased interest in Cardano (ADA) futures following President Donald Trump's announcement of plans to include the altcoin in a US strategic cryptocurrency reserve. As of March 3, the notional value of ADA futures held by Bitrue traders has surged to over $26 million, up from an average of around $15 million in late February. Notably, nearly 92% of these open positions are long, indicating a bullish sentiment among traders who expect the price of ADA to rise. Consequently, ADA/USDT has become the fastest-growing trading pair in futures on the exchange.
On March 2, Trump revealed on Truth Social that he had instructed his administration's digital assets working group to include XRP (XRP), Solana (SOL), and ADA in the US government's crypto stockpile. He later added Bitcoin (BTC) and Ether (ETH) to the list, emphasizing their central role in the reserve. This announcement led to a temporary price increase for each of the mentioned cryptocurrencies, with ADA experiencing the most significant gain, surging by more than 40% within the first 24 hours.
Cardano, created by Ethereum co-founder Charles Hoskinson in 2015, was initially considered a serious competitor to Ethereum. However, performance issues and production delays have hindered the blockchain's progress and the price of its native ADA token. As of now, the cryptocurrency's fully diluted valuation is less than $40 billion, compared to over $260 billion for Ether. Additionally, the chain's total value locked (TVL) is approximately $440 million, significantly lower than the over $50 billion for the Ethereum network.
