TL;DR
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After the SEC listed a handful of top 100 crypto tokens as ‘unregistered securities’ (think: illegally traded stocks) earlier this month, those in question have taken a hit:
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Filecoin -2% Algorand -2% Cosmos -5% Cardano -17% Polygon -21% Binance BNB -21% Solana -22%
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The good news? The positive forward movement Bitcoin has made over the past few weeks has also overflowed into the rest of the market, softening these losses.
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Moral of the story: we’re a little banged up, but we’ll be ok.
Full Story
Righto – time for a good news/bad news recap!
Let’s rip the bandaid off and start with the bad news:
After the SEC listed a handful of top 100 crypto tokens as ‘unregistered securities’ (think: illegally traded stocks) earlier this month, those in question have taken a hit:
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Filecoin -2%
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Algorand -2%
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Cosmos -5%
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Cardano -17%
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Polygon -21%
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Binance BNB -21%
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Solana -22%
In cumulative total, there has been ~$5B worth of value wiped from the tokens named in the SEC’s lawsuit, to date.
The good news?
You know all of the positive forward movement Bitcoin has made over the past few weeks, thanks to these spot ETF rumors?
Well, in the crypto space, Bitcoin is kind of like the rising tide that raises all ships/coins.
I.e. if money flows in to Bitcoin, it typically leads to money flowing in to the rest of the space.
Which has softened some of the losses experienced by the tokens on the SEC’s sh*t list.
Moral of the story:
We’re a little banged up, but we’ll be ok.
