Weekend Dip Leaves Bitcoin, Ether Stagnant; Solana, Cardano Suffer Most
Bitcoin Stagnates, Polygon and others suffer Following SEC's Crackdown on Crypto Exchanges.
Bitcoin remained static on Monday morning in Asia following a weekend dip. Similar trends were seen in Ether and most top 10 non-stablecoin cryptos as investors withdrew amidst the U.S. Securities and Exchange Commission’s (SEC) crackdown on cryptocurrency exchanges.
Robinhood Financial, a US trading service, announced last Friday it would discontinue support for Cardano, Polygon, and Solana from June 27. Solana faced the largest drop among top 10 cryptos on Monday morning, down by 2.35%, a 30% drop over the past week.
The crypto market is still reeling from the SEC's recent classification of 68 cryptocurrencies as illegally issued financial securities. This announcement targeted crypto exchanges Binance.US and Coinbase.
Despite these conditions, Polygon's Matic token increased by 3.28% on Monday morning, although it's down over 29% for the week. Meanwhile, Cardano's Ada token and Binance's native BNB token saw declines.
The past week saw lawsuits filed by the SEC against Binance, its U.S. branch, and CEO Changpeng Zhao, followed by a suit against Coinbase, the largest crypto exchange in the U.S. This has resulted in the total cryptocurrency market cap losing 0.42% to US$1.05 trillion, with daily trading volume falling by over 55% to US$24.16 billion.
