The United States has "severely cracked down", "small currency" broke down at the weekend, and the currency circle storm blew up again in once again
The U.S
The U.S. Securities and Exchange Commission (SEC) "severely cracked down" on the encryption industry, causing a bloody storm in the currency circle, and the "small currencies" (Cryptocurrency except Bitcoin and Ethereum) of encryption fell sharply.
After the SEC sued Coinbase and Coinbase,Gary Gensler, the chairman of SEC, said that "we don't need more Cryptocurrency", which gave another blow to the currency circle.
According to data from CoinMarketCap, the prices of at least four Cryptocurrency, which ranked among the top ten in terms of market capitalization this week, fell by more than 15%.Cardano is the seventh largest Cryptocurrency market cap, down 20% in the past week. Solana, ranked ninth, fell 18%. The 10th ranked Polygon also fell by 18%. The lower ranked Filecoin fell by 19%. Coin An's BNB token (ranked fourth) fell by 16%. The two most popular Cryptocurrency, Bitcoin and Ethereum, were relatively stable, with a decline of less than 5%.
CoinGecko data shows that the total market value of Cryptocurrency across the network has dropped to $1.1 trillion, a decline of 4.1% in 24 hours.
Coinbase, the only major Cryptocurrency exchange listed in the United States, fell 18% this week.Previously, the SEC accused Coinbase of being an unregistered broker and exchange, stating that the company had at least 13 types of encrypted assets that should be considered securities. This includes Solana's SOL token, Cardano's ADA token, Polygon's MATIC token, and ProtocolLabs' Filecoin token (FIL).
The heavy blow has intensified the market's fear. The speculation about a fund selling all its Cryptocurrency has increased people's anxiety. Trader Robinhood announced on Friday that starting from June 27th, he will no longer support trading for Cardano, Polygon, and Solana. The company stated that "other currencies are not affected". On Friday, Crypto.com announced the closure of its US institutional exchange.
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