The reasons for today's crash of Sol, Matic, Ada and Sand

The reasons for today's crash of Sol, Matic, Ada and Sand

The Altcoin market is under fire. Important cryptocurrencies such as Solana (Sol), Polygon (Matic), Cardano (ADA) and many others lose great value.

The following heatmap is a good indication of the problems that the market goes through. It also shows that investors are currently anything but confident.

Coin360

Although no one can suspect why this is the case, two things have happened in the past few days that could provide an explanation.

SEC names 13 cryptocurrency papers

At the beginning of this week, the US stock exchange supervision SEC (Securities and Exchange Commission) submitted a lawsuit against Binance, its CEO and the company of the company.

As if that wasn't enough, the SEC completed the double victory the next day and submitted another complaint against the leading US crypto exchange Coinbase. Although both claims have their complexity, the 101-page file against Coinbase seems to have had a major impact on the wider market.

The main reason seems to be that the SEC has put together a "non -exhaustive" list of 13 cryptocurrencies, which in their view meets the requirements for securities.

This includes as expected:

• cardano (ada)
• Solana (sol)
• polygon (Matic)

Others on the list are sand, AXS, FIL, ICP, Near, etc.

The vast majority of the above securities also lose value today. But that may not be the only reason, if probably the main reason.

Robinhood delisting Spree

Robinhood is one of the world's largest retail trading platforms and has been an important player in the crypto industry for several years.

Yesterday, however, reports circulated that the tokens for Solana, Cardano and Polygon are removed from the list.

Against the background of what is said, it seems that investors begin to praise the possibility of legal disputes against the above.

Remember that the SEC submitted a lawsuit in 2020 to Ripple for the implementation of a non -registered securities offering, in which XRP securities - were essentially mentioned. In response to this, cryptocurrency crashed and many exchanges began to take it off the stock exchange.

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