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SEC Designation Causes Cardano, Solana, and Algorand to Plummet to New Lows

The SEC's lawsuit against Binance and Coinbase has caused volatility in the crypto market, with 19 new cryptocurrencies being identified as securities.

This has resulted in a sharp decline in the value of digital assets such as Cardano, Solana, Algorand, Polygon, and Filecoin. Within days of the lawsuit, traders lost over $320 million in liquidations, and Robinhood announced it would cease support for some crypto assets.

However, development companies behind these assets have strongly rejected the SEC's characterization and defended their token status, leading to partial recoveries for some of the affected cryptocurrencies.

Cardano Cardano $0.71
-2.71%
SEC Binance Coinbase
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