Cryptocurrency Plunge: ADA, BNB, MATIC, SOL Crash Over 10% in Past Week, Reason Revealed


In the wake of regulatory scrutiny, four large altcoins – Cardano (ADA), BNB (BNB), Polygon (MATIC), and Solana (SOL) – have seen a price decline of more than 10% in the past week. This downturn is linked to the US Securities and Exchange Commission (SEC) filing charges against industry giants Binance and Coinbase for facilitating the trading of unregistered securities.

Charles Hoskinson, the founder of Cardano, responded to these charges by suggesting that the regulatory crackdown was a move to pave the way for a Central Bank Digital Currency (CBDC). In his view, the government aims to leverage the CBDC as a tool to assert control over people’s finances, facilitated by a selection of influential banks.

The market impact on ADA, BNB, MATIC, and SOL has been significant. Over the past week, ADA has seen a 15% market downtrend, with a further 2.8% loss in the past 24 hours alone. At the time of writing, ADA is trading at $0.31, a significant drop from its pre-regulation price. Further, MATIC, BNB, and SOL have recorded downward turns of 13.6%, 15.7%, and 11.4% respectively.

This volatility reflects the significant influence of regulatory entities on the cryptocurrency market. With more than $2 billion being subtracted from ADA’s market capitalization, the implications of regulatory action are clear.

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