The Cardano community is abuzz with excitement over the possibility of a Cardano exchange-traded fund (ETF), especially in light of the recent success of Ethereum ETFs in the U.S.

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Charles Hoskinson, the founder of Cardano, recently reacted to a tweet from Tap Tools, a platform for tracking tokens and NFTs on the Cardano blockchain. The tweet inquired, “Is ADA ETF up next?” Hoskinson’s playful response, featuring a GIF with the caption, “Fine, I’ll do it myself,” has further fueled speculation and hope among ADA supporters. While his reply was lighthearted, it has significantly increased interest in the potential launch of a Cardano ETF.
Cardano ETF Speculation and Upcoming Chang Upgrade
The recent launch of Ethereum ETFs in the US represents a major advancement for the crypto market, offering professional investors a structured way to invest in the second-largest cryptocurrency. Similarly, a potential Cardano ETF would introduce a new investment avenue for the ADA token.

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In other news, Intersect, a member organization within the Cardano ecosystem, has provided an update on the DRep Pioneer Program as preparations for the Chang hard fork progress. The Chang upgrade, expected in August 2024, is set to be a pivotal event in Cardano’s development. So far, 247 members of the Cardano community have completed the DRep onboarding process in preparation for this significant upgrade.
Hoskinson Sparks Cardano ETF Speculation
Charles Hoskinson’s recent interactions with the Cardano community have generated significant excitement and discussion. When a community member suggested securing a stable coin for Cardano with liquidity and an exchange partnership that also lists Cardano native tokens, Hoskinson’s positive response, accompanied by a GIF, was seen as a hopeful sign for the potential development of a Cardano ETF.

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The possible launch of a Cardano ETF would be a major milestone for the ADA community, offering investors a new method to engage with the token. Although there has been no official announcement yet, Hoskinson’s responses have fueled optimism about this development.
Additionally, the upcoming Chang hard fork, scheduled for August 2024, adds to the anticipation. Combined with potential ETF news, these developments position the Cardano ecosystem for significant growth and advancement.

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Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#ETF #ADA #Cardano #EthereumETF #SolanaETF $ADA $BTC $BNB

XRP has been rising steadily over the past week, forming an ascending triangle pattern. It was trading around $0.60 during Thursday’s European session, down 0.2% in the last 24 hours. The market is hopeful as it awaits the SEC’s closed meeting on July 25, 2024, which might involve a Ripple-SEC settlement.

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Speculation about this settlement could lead to a “sell-the-news” situation if the news doesn’t pan out. Meanwhile, the U.S. has become more crypto-friendly, with former President Donald Trump supporting Bitcoin and spot Ethereum ETFs recently approved, signaling a shift in the government’s stance on cryptocurrencies.
XRP Sees Significant Increase in Open Interest and Trading Volume
Data from Coinalyze reveals a 9.54% rise in XRP’s open interest (OI) over the last 24 hours, indicating increased investor positions in the asset. On July 9, XRP’s OI had dropped to $327.48 million, its lowest since September 2023, due to a market panic following a German Bitcoin sell-off. Since then, OI has surged by 79%.
CoinGecko reports a 34.4% increase in XRP’s trading volume in the past 24 hours, reflecting heightened market activity.

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Additionally, Hashdex Nasdaq Crypto Index ETF (HDEX.BH), a fully physically backed ETF tracking the Nasdaq Crypto Index™ with diversified crypto exposure, has submitted its S-1 form for the crypto index fund ETF on July 24.

Source: X
The fund will start with ETH and BTC but has also added XRP to its portfolio of 11 crypto assets. This move fuels speculation about the potential launch of an XRP ETF, increasing optimism among investors.

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XRP Price Analysis: Bullish Indicators and Key Resistance Levels
The price of XRP is on an upward trend after a previous downtrend, currently consolidating towards the resistance level at $0.631. A breakout above this resistance level with significant trading volume could signal a continuation of the bullish trend.
Key resistance levels to monitor include $0.649, $0.70, and $0.766. The price remains above both the 50-day and 200-day exponential moving averages (EMA), supporting the upward trend. If XRP falls below the ascending triangle pattern, potential support levels could be the 200 EMA at $0.528 or further down at $0.47.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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BlackRock’s Ethereum ETF has generated significant interest but faced outflows affecting Ethereum’s price. Analysts are watching how these changes impact crypto investment trends.

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The ETF launch has been volatile, with mixed market reactions. The current drop in Ethereum’s price might be temporary, and its long-term effects are still uncertain.

BlackRock Ethereum ETF Sees Initial Surge and Volatility
The BlackRock iShares Ethereum ETF made a strong debut, attracting $266 million in capital on its first day. This influx highlighted institutional confidence in the new ETF, which notably drew significant Ethereum allocations from Coinbase Prime. The promising start suggested a bright future for Ethereum-focused ETFs in the financial market.

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However, the situation changed rapidly on the second day. Spot Ethereum ETFs faced a significant $133 million outflow, turning net inflows into a negative balance. This shift was partly driven by substantial redemptions from Grayscale Ethereum Trust. Such volatility reflects the market’s ongoing adjustment to new ETF products and evolving investor behaviors.
The conversion of Grayscale Ethereum Trust into an ETF has notably influenced recent market fluctuations. On the second day, Grayscale’s Ethereum ETF saw a net outflow of $386 million, contributing to downward pressure on Ethereum prices. Over two days, total outflows exceeded $811 million, dropping Grayscale’s Ethereum assets under management (AUM) below $8 billion. Meanwhile, the mini-Trust recorded inflows of $45 million, indicating diverse investor strategies within Grayscale’s offerings.
Ethereum ETF Launch Triggers Price Drop Amid Market Adjustments

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The approval and subsequent launch of Ethereum ETFs have put noticeable selling pressure on Ethereum’s price, which has fallen by over 8% to $3,150. Analysts point to a “sell-the-news” phenomenon, where investors take profits following anticipated positive developments.
This bearish trend may continue in the short term before stabilizing, although long-term prospects for Ethereum remain positive as the market adapts to the new ETF landscape.

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In summary, the initial days after BlackRock’s Ethereum ETF launch have been marked by significant volatility, reflecting the market’s complex response to new financial products. Despite strong initial inflows, large outflows have tempered early optimism and impacted Ethereum’s price. Both investors and analysts will be monitoring the coming weeks to gauge the long-term effects of these ETFs on Ethereum’s market performance. For now, cautious optimism seems to be the prevailing sentiment as the market continues to adjust.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

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#BlackRock #SolanaETF #KamalaHarris $BTC $SOL $XRP

Polygon (MATIC) experienced an astonishing 743% price increase in just one day, thanks to the launch of Ethereum ETFs in the U.S. This surge was fueled by both the introduction of the ETFs and large transactions from major crypto investors on the Polygon network.

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The debut of Ethereum ETFs has greatly impacted the crypto market, sparking a significant rise in trading activity. For instance, BlackRock’s iShares Ethereum Trust attracted $267 million, while Bitwise’s Ethereum Trust brought in $204 million.

Polygon (MATIC) Benefits from Ethereum ETF Launch and Whale Activity
Polygon (MATIC) has been a major beneficiary of the recent Ethereum ETF excitement. As a key scaling solution for the Ethereum network, Polygon naturally gained from the increased interest in Ethereum spurred by the ETFs.

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The price surge of MATIC was further amplified by substantial activity from crypto whales on the Polygon network. According to IntoTheBlock data, the volume of large transactions on Polygon surged to $152.75 million in the past 24 hours, marking a staggering 745.3% increase. This significant influx of capital from whales contributed to a strong upward momentum in the MATIC market.
Institutional Influence and Future Prospects for Polygon (MATIC)
Institutional investors, with their substantial financial resources, have the power to significantly impact cryptocurrency prices. Their strong interest in Polygon (MATIC) highlights the project’s growth potential and boosts overall investor confidence in the crypto market.

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As the crypto community keeps an eye on the progress of Ethereum ETFs, developments within the Ethereum ecosystem, and regulatory decisions, these factors could greatly influence MATIC’s price movements. While the future for Polygon appears promising, it remains to be seen if this upward trend will be sustained over the long term.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Polygon #Matic #POL #EthereumETFApprovalExpectations #Nvidia $MATIC $BTC $ETH