Over the past XNUMX hours Cardano (ADA) rose 12% on Grayscale's filing for a share issue ETF .
Grayscale requested to the staff of the U.S. Securities and Exchange Commission asking for approval to create a spot ETF under the name Grayscale Cardano Trust. The new derivative shares are to be traded on the New York Stock Exchange. If the regulator issues a positive verdict, the investment product from Grayscale will become the first ADA-based exchange-traded fund on the American market.
News of Grayscale filing has positively affected the market Cardano , which saw a downward trend. Cryptocurrency rate rose by 12% over the last 24 hours and surpassed $0,8. However, the asset's value did not stay above this mark and began to correct on Tuesday.
After listing Cardano - ETF an influx of investments into ADA from institutions is expected on the New York Stock Exchange. In this case, the price of the cryptocurrency should reach the downward trend line that emerged in early December 2024. In early March, it will be around $1, so we can expect a 25% increase in the rate Cardano within the next month.
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Probable price change Cardano
Proposal [on the issue Cardano - ETF ] is designed to list and launch trading of an additional type of exchange-traded product and the first such instrument based on ADA, which will increase competition among market participants, which will benefit investors and the trading platform, the New York Stock Exchange employees wrote.