The cryptocurrency spot ETF race is intensifying, especially with Ethereum’s spot ETF recently beginning to trade. Now, the focus shifts to Cardano’s ADA. Charles Hoskinson, Cardano’s founder, hinted at this potential development by responding to a query from Tap Tools with a playful GIF, suggesting ADA might be in the race for the next cryptocurrency to secure a spot ETF.
Hoskinson’s hint generated lively discussion within the Cardano community. When a member inquired about securing a stablecoin for Cardano with liquidity and an on/off ramp through a partnership with exchanges listing Cardano native tokens, Hoskinson supported this idea. The community member later emphasized the need for partnerships, specifically mentioning USDC or USDT and a partnership with Coinbase or Binance. However, not all reactions were positive. Some community members expressed concerns about the potential centralization risk posed by an ETF, which could threaten Cardano’s decentralized system.
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Expert’s Perspective
Meanwhile, Tesla Motors CEO and X CTO Elon Musk appeared in a tweet on July 23, claiming he had announced Cardano (ADA) as the official payment rail for X. This tweet, clearly edited for comedic effect, added to the buzz.
Additionally, Brad Garlinghouse, CEO of Ripple Labs, expressed confidence in the SEC’s potential approval of spot ETFs for Cardano, Solana, and XRP. He suggested more crypto ETFs might launch following Ethereum and Bitcoin ETFs. However, Garlinghouse acknowledged the regulatory challenges these products might face, predicting a lengthy approval process. Bitcoin ETFs faced multiple rejections, and Ethereum ETFs experienced delays, illustrating the hurdles ahead.
Progressive Path For Cardano
From a price perspective, Cardano has been on an upward trajectory since July 5, mirroring broader crypto market trends. Over the last two weeks, ADA prices have surged significantly, reflecting positive market sentiment.
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For instance, a chart last week indicated that ADA prices had surged by 44% from the monthly low recorded on July 5. However, mixed signals have emerged as bulls and bears struggle for dominance within the Cardano ecosystem. As the spot crypto ETF race heats up with Ethereum’s launch, all eyes are now on Cardano. Hoskinson’s hint at an ADA ETF has fueled speculation and lively discussions within the community.
Despite concerns about centralization and regulatory hurdles, industry leaders remain optimistic about Cardano’s future. With ADA prices on the rise, Cardano’s trajectory looks promising amidst the evolving crypto landscape.
