What happened?
The confidence in ADA (Cardano) gaining regulated exposure in traditional finance markets (TradFi) has been growing among market participants. This is due to the upcoming final ETF decision deadline set for October 26 and issuers like Grayscale advancing S-1 filings. As a result, prediction markets now price in 87% odds of approval.
Who does this affect?
This development can impact cryptocurrency investors, especially those with holdings in ADA. The decision by the SEC can also have significant implications for other altcoins striving for regulatory approval in the mainstream financial market.
Why does this matter?
SEC’s approval could unlock substantial new demand for Cardano, impacting its market value positively. Additionally, coupled with the U.S. interest rate cuts expected before year-end, this could lead to increased demand for risk assets like cryptocurrencies, thus, potentially driving up the price of ADA further.