Now, speculations around a Cardano spot ETF product have started among crypto enthusiasts.
Charles Hoskinson, the founder of Cardano, has hinted at the possibility of a Cardano (ADA) exchange-traded fund (ETF). This has ignited a lively discussion within the crypto enthusiasts. The speculation arises following the approval of several Ethereum ETFs by the United States Securities and Exchange Commission (SEC), suggesting that a Cardano ETF might be next in line.
Reactions within the community are mixed. Some are excited about the potential for increased mainstream adoption of Cardano, while others remain sceptical about its immediate impact. Despite the buzz, ADA’s price dropped by 5% after the news, reflecting cautious market sentiment.
However, so far no fund manager has officially shown inclination toward this concept. It will be interesting to see the outcome.
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Analysts believe the upcoming Chang Hard Fork could positively impact ADA’s price. Historically, major upgrades to the Cardano network have led to price gains, and this upcoming fork is expected to enhance the network’s performance and security.
The possibility of a Cardano spot ETF product is seen as a significant step toward broader acceptance and investment in ADA. If approved, it could attract institutional investors and boost the coin’s credibility in the financial market.
Overall, while the news of a potential Cardano ETF has stirred debate, the community remains watchful of further developments and their impact on ADA’s market performance.
ADA price action
The developer team behind Cardano remains engaged in developing new blockchain tools and enhancing the Cardano blockchain network’s capabilities, instead of focusing on promotional stunts like other crypto projects.
The current trade price of ADA coin is $0.397, which is 5.5% down over the last 7 days.
Read also: Solend Rebrands sUSD to SaveSol to Boost User Engagement with new stablecoin launch
Cardano (ADA) ETF on the Horizon: Charles Hoskinson Sparks Debate
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