Cryptocurrency Crumble: Bitcoin Falls, Smaller Digital Coins Plunge In Wake Of SEC Crackdown
The price of Bitcoin fell solidly Saturday, while small digital coins such as Solana, Cardano and Dogecoin sold off in the wake of the SEC regulatory crackdown vs. cryptocurrency exchanges.
$Bitcoin(BTC.CC$ tumbled to $25,501 early Saturday, back toward their worst levels since March set earlier in the week.
The Securities and Exchange Commission on Monday filed 13 charges vs. $Binance Coin(BNB.CC$ Binance, the world's largest cryptocurrency exchange, and co-founder Changpeng Zhao, for alleged securities violations and operating illegally in the U.S. On Tuesday, the SEC targeted U.S. cryptocurrency giant $Coinbase(COIN.US$ , claiming it operated as an unregistered securities exchange.
The SEC also has named a number of tokens as unregistered securities, including Cardano and Solana. $Robinhood(HOOD.US$ Friday said it would delist Cardano, Solana and Polygon as a result.
The news sent cryptocurrencies and COIN stock tumbling early in the week. $ARK Innovation ETF(ARKK.US$ Cathie Wood's Ark Invest snapped up another $21 million worth of Coinbase stock on Tuesday. Shares rebounded somewhat, but COIN stock still dived 17.5% for the week.
The SEC also has named a number of tokens as unregistered securities, including Cardano and Solana. $Robinhood(HOOD.US$ Friday said it would delist Cardano, Solana and Polygon as a result.
The news sent cryptocurrencies and COIN stock tumbling early in the week. $ARK Innovation ETF(ARKK.US$ Cathie Wood's Ark Invest snapped up another $21 million worth of Coinbase stock on Tuesday. Shares rebounded somewhat, but COIN stock still dived 17.5% for the week.
Saturday's tumble could reflect general concern about the SEC regulatory crackdown, as well as fears that liquidity will dry up, especially for smaller digital coins.
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Dolat Rathore : hiii