Cardano price falls 4.7% as Grayscale drops ADA ETF

Cardano traded near $0.1885 on Aug. 11, down about 4.7% over 24 hours and back below the $0.20 level, as traders weighed fresh technical warning signals against a changing U.S. exchange traded fund backdrop. Summary ADA traded near $0.189 Tuesday, down 4.7% over 24 hours and below the $0.20 level. Grayscale withdrew its Cardano ETF registration Friday, saying it no longer planned the share distribution. CME Cardano futures completed six months of trading Sunday, satisfying one SEC generic listing criterion. Grayscale’s registration never became effective, and no shares were issued or sold under the filing. Cardano’s Van Rossem hard fork activated July 18 after approval through onchain governance across bodies. Grayscale withdrew the registration statement for its proposed Cardano Trust ETF on Aug. 7, two days before CME Cardano futures completed six months of trading. The timing matters because the SEC’s generic listing standards allow a commodity based ETP to satisfy one eligibility route when its underlying asset has had a futures contract trading for at least six months on a CFTC regulated designated contract market. CME confirmed ADA futures began trading Feb. 9. By calendar ti...