Logo
Cardano Ecosystem

Bitcoinik

04/07/2024

·

165 views


Very bearish news for Cardano (ADA), Grayscale removes $ADA from crypto fund 

Grayscale officially removed Cardano (ADA) cryptocurrency from its crypto fund as a part of their respective weightings. Grayscale is a digital assets investment firm which is mainly known for offering...

Very bearish news for Cardano (ADA), Grayscale removes $ADA from crypto fund 

Grayscale officially removed Cardano (ADA) cryptocurrency from its crypto fund as a part of their respective weightings. 

Grayscale is a digital assets investment firm which is mainly known for offering cryptocurrency investment products, including Bitcoin and Ethereum trusts, to institutional and individual investors. 

Recently Grayscale firm confirmed that they removed ADA cryptocurrency from their Digital Large Cap Fund (GDLC). The company explained the main reason behind this decision and said that the fund invests solely in a basket of large-cap digital assets. 

Every quarter we rebalance and update the components of our three multi-asset funds, Grayscale Digital Large Cap Fund, Grayscale DeFi Fund, and Grayscale Smart Contract Platform Ex-Ethereum Fund.

Read on for our Q2 updates! 🧵(1/6)

— Grayscale (@Grayscale) April 4, 2024

Grayscale’s Digital Large Cap Fund is a unique investment that focuses on a group of major digital assets and notably ADA crypto coin displaced by some top flagship cryptocurrency assets, following the pump in the trade price of crypto assets as a part of usual market uptrends. 

Earlier this digital assets fund manager took Polygon’s MATIC out from its fund and added assets like Avalanche (AVAX) and XRP instead, in January of this year. 

The first time Grayscale added ADA cryptocurrency to its fund was in 2021. At the time ADA was 3rd top-ranked cryptocurrency by market cap. 

Another digital assets fund manager Bitwise 10 Crypto Index Fund tries to copy an index made up of the top 10 valuable digital assets of the market. Its fund started including ADA, but only a small part, around 1.1%.

Ada price action

However, this news failed to impact the trade price of the ADA coin significantly but we can see that usual market sentiments hurt the trade price of this coin badly. 

In the last 7 days, the trade price of ADA coin plummeted 8.64%. 

Read also: Coinbase says “Bitcoin will have to fight against the weak time of this year after Bitcoin halving” 

AD

SNEKbot by DexHunter on CARDANO

Cardano's Telegram Trading Bot live on Cardano mainnet!TRADE NOW!


Read Original Article on Bitcoinik

ORIGINAL SOURCE

https://bitcoinik.com/very-bearish-news-...

Disclaimer: Cardano Feed is a Decentralized News Aggregator that enables journalists, influencers, editors, publishers, websites and community members to share news about the Cardano Ecosystem. User must always do their own research and none of those articles are financial advices. The content is for informational purposes only and does not necessarily reflect our opinion.


Genius Yields DEX Launched!

More from Bitcoinik

See more
Cardano founder disappointed with “Crypto Medias which says Cardano will die”
Bitcoinik
Cardano founder disappointed with “Crypto Medias which says Cardano will die”

06/07/2024

·

47 views

Related News

See more
Genius Yields DEX Launched!

Featured News

See more



    DEFAULTENGLISH (EN)SPANISH (ES)RUSSIAN (RU)GERMAN (DE)ITALIAN (IT)POLISH (PL)HUNGARIAN (HU)JAPANESE (JA)THAI (TH)ARABIC (AR)VIETNAMESE (VI)PERSIAN (FA)GREEK (EL)INDONESIAN (ID)ROMANIAN (RO)KOREAN (KO)FRENCH (FR)CZECH (CS)PORTUGUESE (PT)TURKISH (TR)