Cronos defied a sector-wide downtick on Friday after the crypto asset manager Canary Capital filed for a CRO-based exchange-traded fund (ETF).

CRO is the native asset of the Cronos layer-1 blockchain, which was developed by the exchange Crypto.com.

Canary filed an S-1 Form with the U.S. Securities and Exchange Commission (SEC), proposing an ETF that would offer investors exposure to CRO. If approved, the product would also stake a portion of its CRO holdings to earn rewards.

The new S-1 statement represents the latest in a spree of recent ETF filings for Canary, which is also attempting to launch Solana (SOL), XRP, Sui (SUI), Litecoin (LTC), Axelar (AXL), Hedera (HBAR) and Pudgy Penguins (PENGU) funds.

The SEC greenlit the first spot market Bitcoin (BTC) ETFs in January 2024, bringing in billions of dollars worth of inflows to the top digital asset by market cap. The regulator subsequently approved Ethereum (ETH) ETFs for trading last July. Two financial firms, Franklin Templeton and Hashdex, also launched joint BTC-ETH ETFs earlier this year.

CRO is trading at $0.102 at time of writing and is up more than 8% in the past 24 hours. By comparison, the overall crypto market cap slumped by more than 4% over the same period.

Follow us on X, Facebook and Telegram

Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Surf The Daily Hodl Mix

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Generated Image: Midjourney

Cardano price is undergoing a torrid patch as market sentiment turns negative for the tenth-largest cryptocurrency by market capitalization. ADA has fallen by 3% on the 24-hour chart, but weekly charts reveal an even steeper drop for the asset. The recent ETF delay by the SEC and the broader market decline are contributing to Cardano’s underwhelming price performance.

Cardano Price Falls By 3% Over The Last Day

According to data from CoinMarketCap, the Cardano price has taken a major hit over the weekend to trade at $0.69. The data from the crypto market aggregator indicates that ADA has fallen by 3% in the last 24 hours, accentuating a negative market sentiment.

Amid the price decline, daily transaction volumes have tumbled by 17.33% to settle at $841 million. A closer look at the charts reveals an even steeper drop of over 8% in the last seven days for the asset.

The Cardano price performance has gone contrary to market expectations, with analysts predicting ADA to rally by 6X.

At current prices, Cardano’s market capitalization sits at $24.3 billion, making it the tenth-largest cryptocurrency in terms of market size. The recent price decline led to Tron flipping Cardano to occupy the ninth place with its $25 billion market capitalization.

Why Is ADA Down?

Several reasons are in play for the Cardano price drawdown over the weekend. Firstly, market sentiment swung from optimistic to pessimistic after the SEC delayed a Cardano ETF application by Grayscale during the week.

In the build-up to the decision day, odds for a potential approval soared to 71%, stoking enthusiasm for an ADA rally. Ahead of the SEC’s decision, Cardano’s daily transactions reached 50,000 from previous lows of under 30,000. However, since the delayed decision, daily transaction volumes have fallen to 36,000.

Furthermore, Cardano’s price decline may be linked to profit-taking from the buzz associated with the SEC ETF decision. Technicals are also painting a grim picture for with several indicators hinting at a sustained drawdown for the Cardano price.

The recent cryptocurrency market downturn is also affecting ADA’s price, with several assets shedding a significant portion of their value over the last day. SOL, DOGE, and TRON are facing their fair share of bearishness as the global cryptocurrency market value loses nearly 1% in market capitalization.

✓ Share:

Aliyu Pokima

Aliyu Pokima is a seasoned cryptocurrency and emerging technologies journalist with a knack for covering needle-moving stories in the space. Aliyu delivers breaking news stories, regulatory updates, and insightful analysis with depth and precision. When he’s not poring over charts or following leads, Aliyu enjoys playing the bass guitar, lifting weights and running marathons.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.