ADA Surges 7.26% as Coinbase Launches cbADA and Grayscale ETF Approval Boosts Cardano

Cardano (ADAUSDT) experienced a notable price increase of 7.26% over the past 24 hours, with the current price at 0.5940 USDT on Binance, up from a 24-hour open of 0.5538. This upward movement is attributed to several key factors: Coinbase’s launch of cbADA on its Base Layer 2 network, which enhances ADA’s DeFi integration; the U.S. SEC’s approval of the Grayscale Digital Large Cap Fund’s conversion to a spot ETF, representing a regulatory milestone for Cardano; and increased buying activity from large investors following a technical “death cross” and subsequent rebound, which led to significant short liquidations. Additionally, robust trading volume—reported between $729 million and over $1 billion—reflects heightened market interest, while Cardano’s market capitalization remains above $21 billion, ranking it among the top cryptocurrencies.