On Monday, Director of Assets and ETF Explorer, Grayscale, officially He submitted a 19B-4 proposal with the US Securities and Exchange Committee (SEC) to launch Cardano ETF.
The first Cardano ETF proposal was presented at all
This step is the first official app for Cardano ETF and comes in the wake of an increasing number of ETF encryption files by the main asset managers, indicating a strong focus on Altcoins.
The proposal arrives at a time when several prominent encrypted currencies, including Litecoin (LTC), Solana (Sol), XRP, and Dogoin (DOGE), have already acquired attention from the Supreme Education Council through similar applications.
Although Ada is placed as one of the largest cryptocurrencies through the market value, experts warn that Cardano ETF may face delay.
Litecoin performs with the probability of approval of 90 %
Bloomberg expert Etf Eric Balchunas Expected Other altcoins may get approval before Cardano, creating a competitive scene for ETF applications.
Balchunas recently shared visions about the possibilities of approval, and put Litecoin in the foreground with a 90 % chance to get green light, followed by Dogecoin, Solana and XRP.
SEC’s last driving shift in SEC may play an important role in determining the fate of these applications. Under the current administration, there was a noticeable position in support of rental, which could enhance the chances of approval of Cardano ETF and others.
This organizational environment is especially relevant as the market seeks to expand beyond the investment funds circulating in Bitcoin (BTC) and ETHEREUM (ETH).
Cardano ETF news has already had a positive effect on the performance of the ADA market. After this announcement, the price of Cardano witnessed a remarkable recovery, as it was traded by about $ 0.71, which reflects an increase of approximately 7 % during a 24 -hour period.
This increase is of particular importance, given the broader challenges in the market that affected the encryption prices recently, as Ada recovered more than 30 % last month and reached its lowest level for four months at $ 0.50 last week.
Distinctive photo of Shutterstock, Chart from TradingView.com