Cardano Price May Plummet as Grayscale Drops ADA ETF Bid
Cardano (ADA) has been hovering around $0.20 for several days after experiencing a sudden price surge of roughly 10% five days ago.
A potential tailwind that could have boosted ADA's price may have turned into an unexpected headwind, however, following a Securities and Exchange Commission filing on August 7.
The SEC filing revealed that Grayscale has withdrawn its application for a Cardano ETF, which was set to become eligible after 75 days of regulated futures trading on the Chicago Mercantile Exchange.
Additionally, Grayscale also gave up on spot cryptocurrency ETFs for Polkadot (DOT) and Hedera (HBAR), at least for now.
The impact of these developments could be particularly adverse as Cardano's price has shown no obvious reaction to the news so far. Despite this, ADA remains stable at $0.20 with a 4.54% weekly increase.