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Why Cryptocurrencies Plunged This Week

Travis Hoium, The Motley Fool
·3 min read
Why Cryptocurrencies Plunged This Week

A long-anticipated legal action from the Securities and Exchange Commission (SEC) against Coinbase (NASDAQ: COIN) was even more sweeping than some expected, and the regulator's moves may bring down other big players like Binance (which was also targeted in an SEC lawsuit). From last Friday's close to noon today, Solana (CRYPTO: SOL) fell by 11.3%, Polygon (CRYPTO: MATIC) dropped 14.2%, BNB (CRYPTO: BNB) lost 14.7% of its value, and Cardano (CRYPTO: ADA) fell 16.3%. The SEC has charged Coinbase and Binance with violating securities laws, including offering unregistered securities and operating unregistered securities exchanges.

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