Coinspeaker
Feb 25, 2025
9 0

Cardano Price Drops Over 9% Amid Market Selloff and ETF Acknowledgment

1 min

Cardano's price has dropped over 9% today, leading to a total monthly loss exceeding 33%. This decline occurs despite the US SEC recognizing NYSE Arca's proposal for Grayscale's Cardano ETF.

Current ADA Price Situation

  • Ada is currently trading at $0.65, testing key support levels.
  • Analyst AV Sebastian identified potential support between $0.68 and $0.65.
  • The recent crash resulted in $5.64 million in liquidations across the crypto market.
  • ADA futures open interest decreased by 11.5%, now at $571 million.
  • A double-bottom pattern could form, indicating a possible future price increase.

SEC Acknowledgment of Cardano ETF

  • Cardano is a leading candidate for ETF approval in 2025, alongside Litecoin, XRP, and Solana.
  • The SEC's acknowledgment marks the beginning of the review process for the proposed Cardano ETF.
  • Approval decisions are expected in the coming months.
  • Bloomberg predicts a 60-70% chance for the Cardano ETF launch in 2025, potentially increasing institutional interest.
  • The ETF aims to track ADA's daily price using data from major exchanges like Coinbase, Crypto.com, Bitfinex, and Kraken.