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Cardano’s price falls as Charles Hoskinson prepares to speak on crypto

Cardano price drops ahead of Charles Hoskinsons speech at US Congress
TL;DR Breakdown
  • On June 23, Charles Hoskinson was invited to speak at the US House of Representatives Committee on crypto and blockchain
  • Analysts are bullish about favorable cryptocurrency legislation because Hoskinson would offer his views on crypto and address authorities
  • The Vasil hard fork’s delayed timeline may significantly affect Cardano prices

Cardano price falls before Charles Hoskinson addresses the US House of Representatives Committee on Agriculture on June 23 about blockchain and cryptocurrencies. Proponents believe this is crucial since Hoskinson’s speech will reach Wyoming’s senators and authors of the current crypto regulatory bill, giving them insight into how other states have regulated digital currencies.

On June 17, IOHK co-founder Charles Hoskinson revealed that he had been invited to address a US Congressional Committee on blockchain and cryptocurrencies. The meeting will be streamed live on YouTube on June 23, 2022, at 10:30 AM EST.

The bill’s supporters favor the crypto regulation bill, as the Cardano co-founder would offer his views on the regulatory measure in the United States. According to the site, Hoskinson is well connected with Wyoming’s senators, where IOG, formerly known as IOHK, is located. Senator Lummis was one of the critical writers of the current regulatory legislation.

Hoskinson said he is speaking in favor of the cryptocurrency industry as a whole. He will assist educate regulators from the US Commodities Futures Trading Commission (CFTC) about cryptocurrencies.

The Vasil hard fork for Cardano was delayed until July 2022

According to Hoskinson, the team has found several bugs that must be fixed. They were minor and did not require a fork for the network to function correctly. Developers are currently working on these problems and wish to allow more time for testing instead of rushing to the hard fork event.

According to Nigel Hemsley, group head of delivery and goods, the Cardano team will need a few more days to re-evaluate the present condition. The official launch date for the Vasil hard fork on the Cardano mainnet was June 29.

The ADA Foundation, together with the Global and Cardano Input/Output global, anticipate the Vasil fork going live on the mainnet at the end of July. The network upgrade is intended for dApp designers and will improve scaling and block dissemination on Cardano.

The crew behind the initiative is recognized for taking a “slow and steady” approach, and the community has praised the choice to push ahead with the fork rather than launching its mainnet right away.

Pro-Cardano supporters have praised the currency’s decision to postpone the Vasil hard fork, but the price of ADA has tumbled dramatically.

Cardano drops by 5% overnight 

On June 21, ADA price hit a weekly high of $0.508, declining by 25% in value over the previous two weeks and nearly 85% from its all-time high of $3.09.

Analysts anticipate that altcoin is bouncing off of significant support. Babypips.com’s cryptocurrency analysts are tracking basic levels in the ADA price chart, believing that a looming bearish crossover might push selling pressure on and drive it lower.

On the other hand, Cardano’s price has a lot of room to climb if it reaches $0.55.

Cardano’s price may surge to $0.67, according to analysts at FXStreet, who predict a bullish trend.

John Lincoln

John Lincoln

Lincoln contributes blockchain and crypto perspectives that meet the industry's selective information needs in a timely, undiluted fashion. His greatest wish is to share transformational technology through an engaging and easy-to-read style, making complex topics accessible to all.

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