-
Cardano ETF speculation led to mixed reactions, with ADA’s price declining by 5%.
Historical data and the upcoming Chang Hard Fork spark optimism for ADA’s future gains.
As a seasoned researcher with extensive experience in the crypto market, I have witnessed the ebb and flow of various projects, including Cardano [ADA]. The recent buzz surrounding the potential approval of an ADA ETF has sparked intrigue within the community. However, my personal perspective is mixed.
Two days after Ethereum [ETH] ETFs received approval for trading, there’s increasing buzz surrounding the prospect of a Cardano [ADA] ETF.
Cardano ETF next in line?
A recent post from Tap Tools, a specialized platform for monitoring tokens, NFTs, and digital wallets on the Cardano blockchain, sparked great enthusiasm.
The query raised in this post provoked thoughtful debate and conversation among crypto enthusiasts, leaving many pondering the possible repercussions for ADA in relation to current regulatory shifts. The question at hand was:
“Is an $ADA ETF up next?”
Hoskinson’s response
In reply, Charles Hoskinson, the founder of Cardano, posted a superhero GIF with the accompanying caption.
“Fine, I’ll do it myself.”
As a researcher studying the ADA community, I’ve noticed that Hoskinson’s active participation in the recent conversation has fueled additional intrigue and debate among its members.
Despite the anticipation of great enthusiasm, some individuals expressed disappointment instead. For instance, a user named Batman on platform X shared this feeling.
“We don’t want a Cardano ETF.”
Impact on ADA’s price
The price of ADA did not rise as expected following the latest news, instead dropping more than 5% within a 24-hour period, based on data from CoinMarketCap.
The RSI’s reading of 44 continued to indicate a bearish outlook for this trend, as it stayed beneath the neutral mark.
As a market analyst, I’ve noticed that the convergence of Bollinger Bands indicates a decrease in market volatility. This reduction in price fluctuations suggests that the ongoing bearish trend could continue to unfold.
According to AMBCrypto’s examination of IntoTheBlock data, the ADA market displays an evenly distributed sentiment, indicating neither the bulls nor the bears have a definitive advantage.
Chang Hard Fork update to shift price dynamics?
Amidst current advancements, there’s growing excitement for the approaching Chang Hard Fork, believed to boost Cardano’s (ADA) worth.
The historical data lends credence to this positivity. For instance, following the Alonzo Hard Fork in August 2021, the price of ADA experienced a significant surge, increasing by approximately 130% from $1.35 to $3.10.
From now on, the community anticipates that comparable advancements may occur with the Chang update and the possible emergence of an ADA Exchange-Traded Fund (ETF).
Brad Garlinghouse, the CEO of Ripple, foresaw the creation of an Exchange-Traded Fund (ETF) based on Cardano when he made that comment.
It’s only a question of when, and I firmly believe that we will eventually see an XRP-based ETF, a Solana ETF, and a Cardano ETF. This is an exciting prospect.
Read More
- The Masked Singer Christmas special line-up – who are the characters?
- CRV PREDICTION. CRV cryptocurrency
- CTK PREDICTION. CTK cryptocurrency
- ZIG PREDICTION. ZIG cryptocurrency
- Polygon: Analyzing the impact of derivatives on its price momentum
- IMX PREDICTION. IMX cryptocurrency
- CTXC PREDICTION. CTXC cryptocurrency
- TNSR PREDICTION. TNSR cryptocurrency
- AGI PREDICTION. AGI cryptocurrency
- LDO PREDICTION. LDO cryptocurrency
2024-07-25 23:04