The SEC’s negative stance on the crypto businesses and classification of 61 altcoins as securities caused a number of exchanges to delist many tokens. All the factors combined resulted in downward spiral for cryptos like Bitcoin, Ethereum, and total annihilation of various altcoins.
Over the past few days, the crypto market capitalization has dipped to a critical level of $1 trillion. The market downturn can be attributed to several key factors that contributed to the sudden bloodbath last week. During the same period, Bitcoin (BTC/USDT) reached a low point not seen in two months, extending its downward trend throughout the week.
The ongoing conflict between Binance and the SEC has had a significant impact on the crypto market, resulting in billions of dollars being drained. As a consequence, altcoins like BNB, SOL, ADA, and Matic witnessed a substantial price decline of approximately 25-30% during the past week.
Following Robinhood’s decision to delist SOL, ADA, and MATIC from its trading platform starting June 27, the crypto market experienced a notable decline on June 10. This move by Robinhood was attributed to the “cloud of uncertainty” surrounding these assets in light of the SEC crackdown.
Starting from June 21, Crypto.com has made the decision to suspend its services for institutional clients in the United States.
Several crucial factors contributed to the recent red streak in the cryptocurrency market. Will there be a glimmer of hope for the bulls to attempt a recovery by exerting buying pressure at the weekly low levels? Or will the market sentiment bring the crypto winter to its peak?
Stay tuned with the latest news about the challenging times faced by the crypto community! Let’s stand together against the totalitarian agenda of the SEC!
