ADA Approval: Prices Soar As The Rumor Of Approval Surrounds The Token

Ever since the US released its new tariff plans for its trade partners, there has been major speculation about trade wars. As a result, the global trade and the crypto community went through some major turmoil. There were immense ups and downs in the prices of digital assets like BTC, XRP, ETH, BNB, and Meme coins. The fear of a trade war also fueled one of the biggest crypto liquidation drives in history which amounted to $10 billion.  

Amidst such ups and downs, many cryptocurrencies are facing stagnation, dip, or breakouts. Hence, attesting to the current market volatility. One such crypto is ADA. In the last 24 hours, ADA has risen by 2.5%. As a result, the token is currently hovering at $0.7982. The news of this rise came at a time when the overall market fell by 2%.  

ADA has now managed to raise its value by 13% in a week and a total of 15% in the past fortnight. Even though the token is on a bullish move, it is still 25% down compared to last month. Then again, the coin managed to increase its value by 36%. Therefore, this shows that the coin is a good long-term investment.  

Is ADA Getting Approval? 

As per sources, a Grayscale application for Cardano ETF is on its way. The release of this news has ignited new interest in the token. On top of that, ADA is supposedly amidst the talks of receiving US approval. These factors significantly put the coin in bullish momentum, pushing its pricing by 2.5%. It also suggests that investors are looking to get in on these waves of success. 

Sources suggest that ADA’s last week’s gain is solely due to Grayscale’s application for a Cardano ETF. As per the Crypto news, asset managers would list this on ‘the New York Exchange under the GADA ticker.’ This has already sent fans into a frenzy. Even though Grayscale has just applied for a 19b-4 filing, it is still in its initial stage. However, the market has already reacted positively to this new development. Speculations are running wild, and a gradual bullish momentum is showing itself.  

An X-user and crypto expert named AMCrypto stated, “A lot of progress is being made on the ADA spot ETF, and analysts are calling for a 70%+ probability of an ETF approval this year.” This shows that the market is looking forward to this approval and the general sentiment surrounding the whole thing. Follow for more crypto news.