Cardano Price Drops Ahead of Charles Hoskinson’s Speech to US Congressional Committee
- Charles Hoskinson was invited to speak before the US House of Representatives Committee on Crypto and Blockchain on June 23.
- Analysts are optimistic about positive cryptocurrency regulation as Hoskinson would share his thoughts on crypto and address regulators.
- Still, the delay in the timeline of the Vasil hard fork may have serious consequences for the price of ADA.
Charles Hoskinson will speak on blockchain and cryptocurrencies before the U.S. House of Representatives Agriculture Committee on June 23. Proponents believe this is an exciting opportunity as Hoskinson’s message would reach Wyoming senators and the authors of the current crypto regulation bill.
Charles Hoskinson to Speak Crypto Before US Congressional Committee
On June 17, Charles Hoskinson, the co-founder of IOG (formerly IOHK), said he had been invited to speak before a US Congressional committee on blockchain and cryptocurrencies. The meeting will be streamed live on YouTube on June 23, 2022 at 10:30 a.m. EST.
Hoskinson will address the U.S. House of Representatives Agriculture Committee on blockchain and cryptography. Supporters have a positive view of the upcoming crypto regulatory bill as the Cardano co-founder is reportedly sharing his thoughts on the regulatory bill in the US. Hoskinson is reportedly close to senators in Wyoming, where the Input Output Global (IOG), formerly known as IOHK, is headquartered. Senator Lummis is one of the principal authors of the current regulatory bill.
Speaking on behalf of the cryptocurrency industry as a whole, Hoskinson is expected to help educate U.S. crypto regulators under the Commodities Futures Trading Commission (CFTC).
Cardano’s Vasil hard fork postponed to July 2022
Hoskinson also revealed a few outstanding things to run to make sure everything works as intended for the Vasil hard fork. The engineering team identified seven bugs during the testing phase, and none of them were serious. The developers are currently working on resolving these issues and want to allow more time for testing instead of rushing the hard fork event.
Nigel Hemsley, delivery and product manager, said the team would need a few more days to reassess the latest status. The previous date of the Vasil hard fork release on the Cardano mainnet was set for June 29.
#VASIL UPDATE: Progress continues positively with only minor bugs remaining. Today, however, we have agreed to secure the core development team and #Cardano ecosystem collaborators have more time to test before starting the mainnet countdown.
More here: https://t.co/1p5YW4wloe
— Input Output (@InputOutputHK) June 20, 2022
Input Output Global and the Cardano Foundation expect the Vasil hard fork to hit the mainnet in late July. The network upgrade is aimed at dApp developers and will improve scaling and improve block delivery on Cardano. The project’s developers are known for their “slow and steady” approach, and the community applauded the decision to push the hard fork instead of rushing its mainnet release.
While supporters appreciated Cardano’s decision to delay Vasil’s hard fork, ADA price saw a strong correction.
ADA price fell 5% overnight
Cardano’s price hit its weekly high of $0.508 on June 21. Since then, the price of ADA has declined, posting 25% losses over the past two weeks and is nearly 85% below its all-time high of $3.09.
Analysts believe the altcoin is bouncing off major support. Crypto analysts at Babypips.com are monitoring key levels on the ADA price chart, saying an impending bearish cross could increase selling pressure and lower it. However, Cardano price could burst into a rally if it breaks above $0.55.
ADA-USD Price Chart
FXStreet analysts have revealed a bullish outlook on Cardano price and believe ADA could reach $0.67. For more information, watch the video below: