What’s going on with the markets today?
The SEC just dropped a bombshell by reversing course on the much-anticipated multi-crypto ETF that featured XRP, Solana (SOL), and Cardano (ADA). The reason? Officials now say there were “administrative errors” in the original approval process.
This ETF was expected to be a major milestone—giving institutional investors exposure to leading altcoins alongside Bitcoin. But instead of boosting the market, it’s now on hold indefinitely.
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🔻 Market Fallout:
$XRP plunged nearly -10%
$SOL fell -6.5%, down to $188.33
$ADA slid -8%, trading around $0.82
Over $800 million in long positions were liquidated, most of them in altcoins
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Why it matters:
This ETF was hyped as the beginning of an altcoin bull run. With the SEC pulling the plug (for now), investor confidence took a direct hit. Hopes for an “altseason” have been seriously dampened.
For now, it’s a waiting game to see if the SEC will revisit the application—or if this was a strategic stall.
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