Cardano (ADA) Buzzing with ETF Speculation and Ecosystem Growth

Cardano (ADA) in the Spotlight: The Cardano community is abuzz with speculation about a potential Cardano exchange-traded fund (ETF), fueled by a recent tweet from Tap Tools and a playful response from Cardano co-founder Charles Hoskinson.

Cardano ETF Talk

Tap Tools, a Cardano-based platform, ignited the discussion with a tweet hinting at an “ADA ETF up next.” Hoskinson’s response, a superhero GIF implying he might “do it himself,” further fueled the speculation.

Chang Hard Fork and Ecosystem Growth

While the ETF remains unconfirmed, Cardano boasts other positive developments. The upcoming Chang hard fork in August is a significant milestone, and the network is nearing 100 million transactions. The total value locked (TVL) is also growing, despite being down from its peak.

ADA Delisting on OKX

However, there’s a wrinkle. Crypto exchange OKX announced plans to delist several trading pairs, including ADA-ETH and ADA-BTC, citing low volume. This delisting may impact short-term liquidity for ADA on OKX.

Cardano vs. Ethereum

While Ethereum ETFs recently launched in the US, Cardano trails behind in staking market cap, currently ranking fourth behind Ethereum.

ADA/USD Technical Analysis

ADA is currently experiencing a brief correction after a recent rally, trading around $0.41. Analysts predict potential movement between $0.38 and $0.45 support and resistance levels in the near future. Technical indicators suggest a bearish trend, but a break above $0.42 could signal a potential upswing.

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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