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The reasons for today's crash of SOL, MATIC, ADA and SAND
The altcoin market is under fire. Major cryptocurrencies such as Solana (SOL), Polygon (MATIC), Cardano (ADA) and many others are losing sharply in value. The heatmap below is a good indication of the problems the market is going through. It also shows that investors are currently anything but confident. Coin360 While no one can guess why exactly this is the case, two things have happened in the last few days that could provide an explanation. SEC names 13 cryptocurrency securities Earlier this week, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO and the company's US arm. As if that…
The reasons for today's crash of SOL, MATIC, ADA and SAND
The altcoin market is under fire. Major cryptocurrencies such as Solana (SOL), Polygon (MATIC), Cardano (ADA) and many others are losing sharply in value.
The heatmap below is a good indication of the problems the market is going through. It also shows that investors are currently anything but confident.
Coin360
While no one can guess why exactly this is the case, two things have happened in the last few days that could provide an explanation.
SEC names 13 cryptocurrency securities
Earlier this week, the US Securities and Exchange Commission (SEC) filed a lawsuit against Binance, its CEO and the company's US arm.
As if that wasn't enough, the very next day the SEC completed the one-two punch by filing another lawsuit against leading US cryptocurrency exchange Coinbase. While both claims have their complexities, the 101-page filing against Coinbase appears to have had a larger impact on the broader market.
The main reason appears to be that the SEC has compiled a “non-exhaustive” list of 13 cryptocurrencies that it believes meet securities requirements.
As expected, these include:
- Cardano (ADA)
- Solana (SOL)
- Polygon (MATIC)
Others on the list include SAND, AXS, FIL, ICP, NEAR, etc.
The vast majority of the securities mentioned above are also losing value today. But that may not be the only reason, although it is probably the main one.
Robinhood delisting spree
Robinhood is one of the world's largest retail trading platforms and has been a major player in the crypto industry for several years.
However, reports circulated yesterday that Solana, Cardano, and Polygon tokens would be delisted.
Given the above, it appears that investors are starting to price in the possibility of litigation against the above.
Recall that in 2020, the SEC filed a lawsuit against Ripple for conducting an unregistered securities offering, which was essentially called XRP – security. In response, the cryptocurrency crashed and many exchanges began delisting it.
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