As of the latest information, the speculations on the arrival of Cardano ETF are currently under the spotlight in the crypto community.
Cardano is a leading blockchain platform, launched by Charles Hoskinson. This blockchain community mainly focuses on providing a secure and scalable infrastructure for decentralized applications.
Following the launch of Ethereum ETF’s success, all eyes have turned towards ADA and its ETF launch. All the talks started with Hoskinson’s reply to the Tap Tool’s viral post on the X platform questioning whether people can expect the Cardano ETF.
His generous reply was a playful gif that says “Fine, I’ll do it myself.” that became the conversation piece.
Followed by this one question community member engaged with Hoskinson, by asking ‘if he could also secure a stable coin for Cardano with liquidity and on/off ramp by partnering with an exchange that would list Cardano’s native token’. Hoskinson showed acceptance towards his inquiry with another GIF saying “yes”.
Hokinsons’s responses to the tweets have boosted the expectations among the ADA community members regarding the potential of Cardano ETF.
Other members of the ADA community have brought many suggestions to the ETF, such as the partnership with stablecoins like USDT or USDC, and collaborations with major exchanges like coin base or Binance.
Negative impact on price
The market price of ADA has negatively responded to the recent ETF speculations.
According to our latest data, the graph declined by over 5% in the past 24 hours. This remained below the neutral threshold at 44, confirmed by the Relative Strength Index (RDI).
Bollinger bands converging suggested reduced volatility, which indicates the current blemish state may continue to stay the same.
Forthcoming Cardano Developments
Even if the Cardano ETF is not confirmed, Cardano continues to make significant headways in other areas.
The Cardano ecosystem has provided an update on the upcoming Chang hard fork, that expected to begin in August 2024, and is anticipated to transform the ADA’s value upward.
According to Intersect, about 247 members of the Cardano community have completed the DRep onboarding in preparation for the Chang update.
The Cardano network is approaching the significant milestone of 100 million transactions. Even though Cardano faced a dip from its peak, the Total Value Locked (TVL) within the ecosystem is still growing.
Are more ETFs coming to light?
Brad Garlinghouse, the CEO of Ripple Labs has shared his confidence in the approval of Cardano EPF by the Security and Exchange Commission (SEC), along with the potential ETFs of Solana and XRP.
Garlinghouse suggested that following the approval of Bitcoin and Ethereum ETFs, there is a chance for the arrival of more crypto ETFs. Bloomberg ETF analyst Eric Balchunas predicted the same, similar trend.
Garlinghouse has acknowledged the regulatory challenges that these products might face such as the lengthy approval process and multiple rejections of bitcoins ETFs and Ethereum ETFs experienced delay.
The potential implication of Cardano ETF
The approval and launch of Cardano ETF could have significant implications in both the cryptocurrency market and the broader financial ecosystem. It would attract a wider audience by enhancing Cardano’s accessibility.
Cardano cares to give exposure to investors who may be hesitant to purchase directly due to complexities or security concerns, through a familiar product.
It may also increase Cardano’s visibility and credibility in the market, potentially influencing its price in the market. Also, it could adopt broader adoption and liquidity for the cryptocurrency.
Conclusion
The introduction of Cardano ETF could mark a milestone in the cryptocurrency market. It would reflect a wide interest and acceptance of investors.
Cardano continues to improve technological advancements and scalability, as the arrival of ETF, could provide investors with an accessible means to gain exposure to Adas’ potential.
Cardano’s ETF could boost its credibility and attract more investors, making it a significant asset in the crypto market.
