Cardano (ADA) has been stuck in the highly contested zone near $0.20 since suddenly soaring roughly 10% five days ago and, by Monday, might be at risk of crashing due to an August 7 Securities and Exchange Commission (SEC) filing.
Specifically, after 75 days of regulated futures trading on the Chicago Mercantile Exchange, ADA became eligible for a spot cryptocurrency exchange-traded fund (ETF) on August 9.
Overnight, however, an SEC filing showing that Grayscale has withdrawn its Cardano ETF application surfaced, removing a potentially powerful tailwind and possibly generating unexpected headwinds for the digital asset.
The impact of the development could prove particularly adverse as late last week, another highly anticipated external event was also postponed by at least a month: the Congressional vote on the CLARITY Act.
Still, by press time on Monday, August 10, Cardano offered no obvious reaction to the development. Indeed, ADA remains at $0.20 and is up 4.54% in the
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