TL;DR
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After the SEC listed a handful of the top 100 crypto tokens as “unregistered securities” (think: illegally traded stocks) earlier this month, those in question have taken a hit:
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Filecoin -2% Algorand -2% Cosmos -5% Cardano -17% Polygon -21% Binance BNB -21% Solana -22%
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The good news? The positive forward movement that Bitcoin has made in recent weeks has also spilled over to the rest of the market, mitigating these losses.
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Moral of the story: We’re a little confused, but we’ll be fine.
Full story
Righto – time for a recap of good news/bad news!
Let’s take the Band-Aid off and start with the bad news:
After the SEC listed a handful of the top 100 crypto tokens as “unregistered securities” (think: illegally traded stocks) earlier this month, those in question have taken a hit:
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File currency -2%
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Algorand -2%
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Cosmos -5%
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Cardano -17%
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Polygon -21%
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Binance BNB -21%
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Solana -22%
In a cumulative total, ~$5 billion in value has been wiped out so far from the tokens named in the SEC’s lawsuit.
The good news?
Do you know all the positive forward moves Bitcoin has made in recent weeks, thanks to these mock ETF rumors?
Well, in the crypto space, Bitcoin is kind of like the rising tide that raises all ships/coins.
That is, if money flows to Bitcoin, it usually results in money flowing to the rest of the space.
That has mitigated some of the losses of the tokens on the SEC’s sh*t list.
The moral of the story:
We’re a little confused, but we’ll be fine.