The crypto prices experienced a significant drop today, resulting in losses of up to 25% across various cryptocurrencies. Altcoins, such as EOS, Polygon, and Dash, were among the hardest hit, with each seeing a decline of approximately 24% to 25%. Prominent coins like Cardano and Solana also suffered losses of 23% and 20%, respectively.
It is noteworthy that several of the tokens that experienced the most significant declines were mentioned in recent lawsuits filed by the Securities and Exchange Commission (SEC) against major crypto exchanges Coinbase and Binance. These tokens included Polygon, Cardano, Solana, Dash, and The Sandbox.
While the two largest cryptocurrencies, Bitcoin and Ether, were comparatively less affected, they still saw declines of 3% and 5% respectively.
Regarding the market crash, Binance CEO Changpeng Zhao (CZ) took to Twitter to dismiss speculations that Binance had converted its crypto holdings to fiat, which some commentators had suggested as a reason for the downturn. CZ clarified that Binance’s stablecoin reserves had decreased while its crypto reserves had actually increased, attributing the market crash to other factors.
It’s important to note that the cryptocurrency market is highly volatile, and price fluctuations can occur rapidly due to various factors, including market sentiment, regulatory developments, and overall market conditions.
