ADA, BNB, MATIC, SOL drop over 10% in crypto market in past week.

The recent slight decline of Bitcoin (BTC) and Ethereum (ETH) prices has been overshadowed by a more significant fall in larger altcoins such as Cardano (ADA), Binance Coin (BNB), Polygon (MATIC), and Solana (SOL) which have seen a drop of over 10% in the past week. This downturn is a result of the regulatory actions taken by the US Securities and Exchange Commission (SEC) against Binance and Coinbase.

This heightened market volatility follows charges laid by the SEC against Coinbase for facilitating the trading of crypto assets they labeled as unregistered securities, including FLOW, VGX, MATIC, and ADA. A similar charge was filed against Binance, where assets such as BNB, BUSD, SOL, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI were also categorized as securities. Notably, tokens with substantial trading volumes such as ETH, USDC, USDT, LTC, and BTC were not included.

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

In the wake of this regulatory scrutiny, ADA’s price has seen a downtrend, falling by 15% over the past 7 days, with a further 2.8% loss in the past 24 hours alone. Similarly, other altcoins such as Polygon (MATIC), Binance Coin (BNB), and Solana (SOL) have mirrored ADA’s price action and recorded downward turns of 13.6%, 15.7%, and 11.4% respectively. This turbulent market activity underscores the substantial influence of regulatory entities on the cryptocurrency market.

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