🚨 Why Is Crypto Sliding Today? SEC Reverses Course on XRP, SOL & ADA ETFs!
📉The U.S. SEC has unexpectedly withdrawn its approval for a proposed multi-crypto spot ETF that included $XRP, $SOL, and $ADA, citing “administrative errors” in its prior decision.
This ETF was a big deal—poised to be the first spot fund featuring major altcoins alongside Bitcoin. But now, the process has been halted indefinitely.
💥 Market Impact:
• XRP plunged ~10%, SOL dropped 6.5%, and ADA fell 8%.
• Over $800 million in long positions were liquidated, with altcoins taking the biggest hit.
• Hopes for an altcoin rally driven by ETF inflows have been dashed—for now.
🧊 Bottom Line: The SEC’s sudden reversal has shaken market confidence, delaying what many saw as the start of a true “altseason.”
