One Lawsuit Wiped $5B Worth of Value From the Crypto Markets…but There’s Hope Yet!

TL;DR

• After the SEC listed a handful of high 100 crypto tokens as ‘unregistered securities’ (assume: illegally traded shares) earlier this month, these in query have taken a success:

• Filecoin -2% Algorand -2% Cosmos -5% Cardano -17% Polygon -21% Binance BNB -21% Solana -22%

• The excellent news? The optimistic ahead motion Bitcoin has remodeled the previous few weeks has additionally overflowed into the remainder of the market, softening these losses.

• Ethical of the story: we’re somewhat banged up, however we’ll be okay.

Full Story

Righto – time for a excellent news/unhealthy information recap!

Let’s rip the bandaid off and begin with the unhealthy information:

After the SEC listed a handful of high 100 crypto tokens as ‘unregistered securities’ (assume: illegally traded shares) earlier this month, these in query have taken a success:

• Filecoin -2%

• Algorand -2%

• Cosmos -5%

• Cardano -17%

• Polygon -21%

• Binance BNB -21%

• Solana -22%

In cumulative complete, there was ~$5B price of worth wiped from the tokens named within the SEC’s lawsuit, so far.

The excellent news?

You recognize the entire optimistic ahead motion Bitcoin has remodeled the previous few weeks, thanks to those spot ETF rumors?

Effectively, within the crypto area, Bitcoin is sort of just like the rising tide that raises all ships/cash.

I.e. if cash flows in to Bitcoin, it sometimes results in cash flowing in to the remainder of the area.

Which has softened among the losses skilled by the tokens on the SEC’s sh*t checklist.

Ethical of the story:

We’re somewhat banged up, however we’ll be okay.