Coinspeaker
Will ADA Price Recover Fast after US SEC Acknowledges Grayscale’s Cardano ETF?
Cardano price
ADA
$0.66
24h volatility:
10.1%
Market cap:
$23.74 B
Vol. 24h:
$1.35 B
has crashed more than 9% today amid the broader market selloff thereby extending its monthly loss to more than 33%. This comes even as the US Securities and Exchange Commission (SEC) acknowledged NYSE Arca’s proposal to list Grayscale’s Cardano ETF.
Will ADA Price Recover in the Near Term?
Cardano’s native cryptocurrency ADA has witnessed strong selling pressure over the past month amid the broader market turbulence. Following today’s ADA price crash to $0.65, Cardano is testing important support levels.
Crypto analyst AV Sebastian has identified a potential support zone for Cardano (ADA) amid the ongoing market downturn. According to Sebastian, if bearish pressure persists, ADA could find support in the $0.68–$0.65 range.
-
Source: AV Sebastian
The analyst also suggested that the ADA price level represents a higher low thereby forming the foundation for a speculative double-bottom pattern. If realized, this setup might pave the way for the next upward movement in ADA price.
As per the CoinGlass data, today’s ADA price crash has led to $5.64 million in crypto market liquidations while the ADa futures open interest is down by 11.5% to $571 million, which is a bit concerning sign.
US SEC Acknowledges Cardano’s ETF Application
Cardano is among the front runners for crypto ETF approval in 2025, along with Litecoin, XRP and Solana. In a positive development ahead, the US SEC acknowledged NYSE Arca’s proposal on behalf of crypto asset manager Grayscale for the trading of spot Cardano ETF.
While this marks only the initial step, it signals the start of the agency’s review process. Also, the decision to either approve or reject the proposed Cardano ETF would come in the coming months. This acknowledgment comes amid a wave of crypto ETF filings under the SEC’s new leadership.
The arrival of the Cardano ETF this year in 2025 has a 60-70% chance as per per Bloomberg predictions earlier. This could also pave the way for greater institutional adoption and participation for ADA.
NYSE Arca, a subsidiary of the NYSE Group, submitted a proposal to the US SEC on February 10 to list and trade shares of the Grayscale Cardano Trust.
The proposed exchange-traded fund (ETF) aims to track the daily price of Cardano (ADA) through an index that aggregates data from major cryptocurrency exchanges, including Coinbase, Crypto.com, Bitfinex, and Kraken.
Will ADA Price Recover Fast after US SEC Acknowledges Grayscale’s Cardano ETF?
