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COINDESK DAILY: Candano’s ADA Skyrockets on Grayscale ETF Application

Feb 11, 2025

Cardano's ADA token is making waves with a dramatic surge thanks to Grayscale's application for a spot ETF. The excitement hints at growing market confidence. Meanwhile, Fed Chair Jerome Powell shares important insights on monetary policy, suggesting shifts that could impact the crypto landscape. Additionally, the SEC's request to pause its case against Binance raises eyebrows, reflecting the current regulatory climate. Join the conversation as these pivotal developments unfold in the crypto world!

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Quick takeaways

Cardano's ADA token surged by 12% following Grayscale's application for the first-ever spot ADA ETF, highlighting increasing market interest.

Federal Reserve Chair Jerome Powell's cautious stance on interest rates and the SEC's evolving crypto task force suggest a dynamic regulatory environment for cryptocurrency.

Deep dives

Impact of Grayscale's ADA ETF Application

Cardano's ADA token experienced a significant surge of 12% following Grayscale Investments' application for the first-ever spot ADA exchange-traded fund (ETF) in the United States. This increasing interest in ADA is notable as it outperformed major cryptocurrencies like Bitcoin and Ether on that day. The approval of spot ETFs for Bitcoin and Ether by the SEC had previously relied on the existence of surveillance systems to prevent price manipulation, which currently does not extend to ADA due to the absence of ADA futures on the CME. Nevertheless, the market remains optimistic, pushing ADA's price to 80 cents, even as it remains 40% lower than its peak of $1.37 observed in December.

Surge in Cardano's ADA Token Amid ETF Prospect and Market Developments

3min

Host Christine Lee breaks down the latest news in the crypto industry as Cardano's ADA token surges after Grayscale's application for the first-ever spot ADA ETF.

Cardano's ADA token surges after Grayscale Investments applied for the first-ever spot ADA ETF in the U.S. Plus, Fed Chair Jerome Powell gives his semi-annual update on monetary policy on Capitol Hill, and the U.S. SEC asks to pause their case against Binance, a sign of Trump’s ‘golden age’ for crypto. CoinDesk’s Christine Lee hosts “CoinDesk Daily.”

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This episode was hosted by Christine Lee. “CoinDesk Daily” is produced by Christine Lee and edited by Victor Chen.

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