The SEC's negative stance on crypto trading and the classification of 61 altcoins as securities caused various exchanges to delist many tokens. All factors combined resulted in a downward spiral for cryptos like Bitcoin, Ethereum, and the complete annihilation of various altcoins.
In recent days, the crypto market capitalization has dropped to a critical $1 trillion level. The market downturn can be attributed to several key factors that contributed to the sudden bloodbath last week. During the same period, Bitcoin (BTC) hit a two-month low, extending its downtrend throughout the week.
The ongoing dispute between Binance and the SEC has had a significant impact on the cryptocurrency market, resulting in the loss of billions of dollars. As a consequence, altcoins such as BNB, SOL, ADA, and Matic witnessed a substantial price drop of approximately 25-30% over the past week.
Following Robinhood's decision to remove SOL, ADA, and MATIC from its trading platform as of June 27, the crypto market experienced a notable decline on June 10. This move by Robinhood was blamed on the "cloud of uncertainty" surrounding these assets in light of the SEC Crackdown.
As of 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. Is there a glimmer of hope for the bulls to attempt a rally by putting buying pressure at the weekly lows? Or will market sentiment bring the crypto winter to its peak?
Stay tuned with the last News about the difficult times facing the crypto community! Let's unite against the totalitarian agenda of the SEC!
