The US SEC has granted a Grayscale Cardano (ADA) ETF application filed by the New York Stock Exchange. The SEC has approved submissions in accordance with the release on Monday, February 24th. Development is rather bullish and could lead to increased investor sentiment in the ADA.
The cryptocurrency market needs big assault
The cryptocurrency market took a massive DIP on Tuesday after the US announced it would advance tariffs in Canada and Mexico. Cardano (ADA) and all major crypto assets are traded in the red zone today. Market participants are tired. Many investors expect tariffs to have a negative impact on prices and inflation. The Federal Reserve has suspended interest rates, but has yet to announce interest rate cuts for 2025.
The ADA fell 12% on the daily chart, 28.2% on the weekly chart, 19.8% on the 14-day chart, and 34.8% on the previous month. The asset maintains several profits on the annual chart, attracting 8.5% since February 2024.
Can Cardano hit a $2 post ETF?
ETF approval could change the tide of Cardano (ADA). Bitcoin (BTC) hit an all-time high after the SEC approved the 11-spot BTC ETF in January 2024. BTC’s rally has flowed into the larger crypto market.
It is also possible that the ADA will not meet after the ETF is approved. The SEC approved the Ethereum (ETH) ETF last year. Unlike Bitcoin (BTC), ETH ETFs were not of much use to boost the prices of underlying assets.
It is likely that the SEC will approve some crypto-based ETFs in 2025. The new US administration is extremely bullish in the crypto industry. President Trump also says he hopes the crypto industry will flourish in the United States. New management can greenlight several ETFs, including spot Ada ETFs.
(TagStoTRASSLATE) Cardano