Ether shed 6.10 per cent to $1,635, Cardano’s ADA token shed 5.76 per cent to $0.2561, Solana lost 1.87 per cent to $14.78, Polygon’s Matic token also dipped 4.94 per cent to $0.6151
Bitcoin traded below $25,000 on Thursday afternoon in Asia for the first time since March 17 this year, when it sat at $24,973. Ether, along with top non-stablecoin cryptocurrencies, also declined amid lawsuits by the U.S. Securities and Exchange Commission (SEC) against the world’s two largest crypto exchanges, Binance and Coinbase. As generally anticipated, the U.S. Federal Reserve left interest rates unchanged on Wednesday. Though, the Fed cautioned of further rate hikes later during the year as it tries to bring inflation down to its 2 per cent target level.
Bitcoin shed 3.82 per cent to $24,909 in the 24 hours to 4 p.m. in Hong Kong. That brought its weekly declines to 5.80 per cent, according to CoinMarketCap data. The decline took Bitcoin below $25,000 for the first time in the week since the U.S. Securities and Exchange Commission filed lawsuits against Binance.US and Coinbase.
Ether shed 6.10 per cent to $1,635 in 24 hours, and has declined 11.24 per cent on the week. Ether fell below $1,700 on Thursday afternoon in Asia for the first time since March 17 when it sat at $1,667.13.
Solana, Cardano and Polygon – the top three cryptocurrencies labelled as securities by the U.S. Securities and Exchange Commission in its lawsuits against both Binance.US and Coinbase – each lost more than 20 per cent over the past week.
Cardano’s ADA token shed 5.76 per cent to $0.2561 during the last 24 hours. Its market cap was also 7.10 per cent lower during the past 24 hours to $8.88 billion. On June 5 — the day the Securities and Exchange Commission filed a legal complaint against Binance.US claiming crypto tokens including ADA, Solana and Polygon’s Matic are securities requiring registration and regulation — that figure sat at $13.02 billion.
Solana lost 1.87 per cent during the last 24 hours to $14.78. Its market capitalisation dropped 2.75 per cent to $5.88 billion during the same period, down from $8.15 billion on June 5.
Polygon’s Matic token also dipped 4.94 per cent to $0.6151 during the last 24 hours. Its market capitalization declined 5.92 per cent to $5.70 billion during that period, down from $8.01 billion on June 5.
The status of individual cryptocurrencies has led some exchanges in certain markets to consider delisting some of the bigger altcoins like ADA, SOL, and MATIC, said Robert Quartly-Janeiro, Chief Strategy Officer of crypto exchange Bitrue, in a statement.
What sets the present situation apart is the regulatory focus moving from market-providing exchanges to probing individual altcoins: that is a step change. In raw numbers, the impacted coins have seen bearish performances, with Cardano shedding 24 per cent, Solana dropping 28 per cent, and Polygon declining 27 per cent during the past week. Other altcoins witnessed similar declines, he said.
Ripple’s XRP token led the decliners. It dropped 6.45 per cent in 24 hours to $0.4697, posting a weekly decline of 9.87 per cent.
Those losses came despite the release of the “Hinman documents” this week. The documents indicate that cryptocurrencies such as Ether are not in fact securities, as claimed by the SEC. So, its release was broadly anticipated to prove favourable for Ripple in its own ongoing legal fight with the agency, which started December 2020.
BNB, whose U.S. operations are now the target of the SEC’s regulatory crackdown — shed 4.49 per cent in the 24 hours to $235.83, and is 9.66 per cent lower on the week.
The global crypto market capitalization lost 3.53 per cent to $1.02 trillion, while total crypto market volume advanced 22.04 per cent to $38.21 billion during the last 24 hours.
Comments (0)
Average Rating: No ratings yet/5 (0 reviews)
No comments yet. Be the first to comment!