ADA Token Drops 3.96% Amid SEC Delay on Grayscale ETF, $284M Shorts Liquidated

Cardano (ADAUSDT) experienced a 3.96% price decline over the last 24 hours, currently trading at 0.5698 USDT on Binance. This decrease follows the U.S. SEC's temporary halt of Grayscale's efforts to convert Cardano trusts into ETFs, which may have contributed to market uncertainty and selling pressure. Despite a recent surge in trading volume—partly driven by a $284 million short liquidation and increased accumulation by long-term holders—mixed technical signals and fluctuating sentiment have led to heightened volatility. Cardano's 24-hour trading range was between 0.5833 and 0.6105, with market capitalization estimated near $21 billion and trading volumes showing a recent decrease compared to the previous day.