In the wake of the regulatory fight between the American stock market policeman and the two exchange platforms Binance and Coinbase, the cryptocurrency market finally tumbled this morning. Altcoins targeted by the SEC (notably ADA, SOL, ATOM or MATIC) fall by several tens of percent while Bitcoin (BTC) and Ether (ETH) hold their ground.
Altcoins are crashing…Bitcoin (BTC) is holding up!
This morning of June 10, 2023, the awakening was not the most pleasant for investors in the cryptocurrency market. It’s a real bloodbath for altcoinsnamely cryptos other than Bitcoin (BTC), which have been particularly affected by the recent increased attacks by the American stock market policeman.
For the moment, the price of Bitcoin (BTC) is holding up and down only 3% since the start of the day. For once, Ether (ETH) is decorrelated from the rest of the altcoins and saves the furniture with a fall of 5% over the same period.
🔴 Altcoins are crashing this morning!
The tokens targeted by the SEC as securities (MATIC, SOL, ADA, ATOM, etc.) printed their biggest falls of the year 2023 📉
For now, #BTC And #ETH hold on… pic.twitter.com/uKyoYlrPmx
—Cryptoast (@CryptoastMedia) June 10, 2023
For the rest, it’s a disaster: Polygon (MATIC) drops -19%, Solana (SOL) -15%, Cardano (ADA) -18%, Cosmos (ATOM) -15%, etc.. For some, the upward trend initiated since the beginning of 2023 has clearly reversed and FTX case lows are sunk.
Liquidation of the cryptocurrency market in the last 24 hours
As is often the case during times of extreme volatility on the market, liquidations have reached record highs since the start of 2023. In the space of 24 hours, more than 385 million dollars have been liquidated pockets of investors in the futures market. At first glance, bleeding appears to have been contained as the market stabilizes, but until when?
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How to explain such a fall in cryptos?
As often, it is complicated to clearly identify the source of a sudden drop in the cryptocurrency market. Nevertheless, it is very likely that it is the result of the current context of regulatory battle pitting the major crypto platforms – and by extension the industry – against the Securities and Exchange Commission.
As a reminder, the US financial policeman took on Binance and Coinbase this week, the two largest cryptocurrency exchanges, accusing them of having allowed their customers to buy and exchange securitiesor securities in French.
🔴 LIVE – Follow the SEC’s anti-cryptocurrency crusade in real time
Among the list of assets directly targeted by the SEC, we find in particular MATIC, SOL, ADA, BNB, SAND, ATOM or even MANA. A list of cryptocurrencies that have particularly fallen today, by several tens of percent for some.
The first fallout has already begun to be felt. The American Platform Robinhood has decided to no longer support all cryptocurrencies mentioned by the SEC in a desire to comply with their regulations. Chances are that other major exchanges will follow this path.
What is happening now in the United States will be fundamental in the future of regulation. The stakes are enormous for the first world power: politics, media and especially economy. Moreover, beyond being the standard-bearer for an entire industry, Coinbase also has strong outside backers (especially Republicans) in its fight against the regulator. To be continued…
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Journalist for Cryptoast, I strive to dissect every detail of the exciting world of cryptocurrencies and make it accessible and understandable to as many people as possible.
Lilian Aliaga
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