The cryptocurrency market witnessed an interesting development as several major companies filed for cryptocurrency exchange-traded funds (ETFs), including Grayscale, 21Shares, and Canary. Among these filings, one of the most notable was Grayscale’s application for a Cardano ETF, known as GADA. This fueled a surge of excitement around Cardano (ADA), the native token of the Cardano blockchain, and the possibility of its increased institutional adoption.
The price of ADA saw a significant boost. In a matter of days, the price of Cardano’s token soared by nearly 20%, rising from $0.663 to $0.83 per coin. Many investors and traders were optimistic that the Cardano ETF would pave the way for further growth and greater mainstream acceptance of ADA. It seemed like Cardano could be on the verge of a breakout, with ETF hype contributing to positive sentiment surrounding the token.
However, as quickly as…
