SOL, ADA, MATIC Plunge as SEC Labels Them Securities

Three cryptocurrencies—Solana (SOL), Cardano (ADA), and Polygon (MATIC)—are facing severe declines after being classified as securities by the U.S. SEC.

SOL, ADA, MATIC Plunge as SEC Labels Them Securities

Not just BNB, but many cryptocurrencies named in the SEC's lawsuit against major exchanges Binance and Coinbase are experiencing significant drops.

The most notable among them are Solana (SOL), Cardano (ADA), and Polygon (MATIC), all of which have seen losses exceeding 10% in the past 24 hours.

On the morning of June 10, SOL’s price dipped to $16.03, the lowest level since mid-March 2023.

1D Chart of SOL/USDT on Binance as of 11:10 AM, June 10, 2023

ADA also saw a sell-off, falling to $0.2735, a level not seen since early January 2023.

1D Chart of ADA/USDT on Binance as of 11:10 AM, June 10, 2023

MATIC fared even worse, plummeting to $0.675, a value not witnessed since September 2022.

1D Chart of MATIC/USDT on Binance as of 11:10 AM, June 10, 2023

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Twitter users have noted that major funds such as Jump and Cumberland have been moving large amounts of MATIC onto exchanges in the past 24 hours.

On June 9, the development teams behind Solana and Cardano issued statements affirming that their tokens are not securities, but this reassurance has not been enough to calm the market.

The bearish sentiment around SOL, ADA, and MATIC intensified when Robinhood, a popular U.S. trading app, announced it would delist these three tokens by the end of June to avoid legal risks with the SEC.

BNB also dropped to $247 on the morning of June 10, the lowest point since early January this year.

1D Chart of BNB/USDT on Binance as of 11:10 AM, June 10, 2023

Other tokens listed in the SEC’s lawsuit against Binance are also experiencing 24-hour declines ranging from 4% to 13%.

Price Movements of Cryptocurrencies Named in SEC's Lawsuit Against Binance and Coinbase
Screenshot from CoinMarketCap as of 11:10 AM, June 10, 2023