ADA Drops 6.5% as SEC Delays ETF Decision, Large Holders Accumulate 180 Million Tokens

Cardano (ADA) is currently trading at $0.7029 with a 24-hour price decline of 6.55% and a 24-hour trading volume of approximately $711.4 million, reflecting active but not extraordinary market participation. The recent price drop is primarily attributed to the U.S. SEC’s decision to delay its review of Grayscale’s spot ETF application for Cardano, which increased regulatory uncertainty and contributed to negative sentiment, alongside a broader downturn in the cryptocurrency market. Despite the decline, large holders accumulated over 180 million ADA in the past week, and Cardano achieved its first on-chain transaction with Bitcoin using the Fairgate BitVMX interoperability protocol, indicating ongoing development and investor interest amid short-term volatility.