{"id":537195,"date":"2023-06-09T14:30:11","date_gmt":"2023-06-09T14:30:11","guid":{"rendered":"https:\/\/wncen.com\/?p=537195"},"modified":"2024-06-11T14:37:28","modified_gmt":"2024-06-11T14:37:28","slug":"crypto-market-tension-ada-bnb-matic-sol-crashes","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/crypto-market-tension-ada-bnb-matic-sol-crashes\/","title":{"rendered":"Crypto Market Tension: ADA, BNB, MATIC, SOL Crash Over 10% In Past Week"},"content":{"rendered":"

In a market heavily influenced by Bitcoin (BTC) and Ethereum (ETH), their slight price decline recently has been overshadowed by a more substantial fall in larger altcoins. Notably, Cardano (ADA), BNB (BNB), Polygon (MATIC), and Solana (SOL) have seen a more than 10% drop over the past week. <\/span><\/p>\n

This downturn traces back to regulatory actions taken by the US Securities and Exchange Commission (SEC) against industry titans Binance and Coinbase.<\/span><\/p>\n

Regulatory Pressure And The Crypto Market<\/span><\/h2>\n

This heightened market volatility follows charges laid by the SEC on Tuesday against<\/a> Coinbase for facilitating the trading of crypto assets they labeled as unregistered securities. <\/span><\/p>\n

The list of implicated assets includes FLOW, VGX, MATIC, and ADA. A similar charge was filed<\/a> against Binance, where these assets, among others like BNB, BUSD, SOL, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI, were categorized as securities. It’s interesting to note that the SEC did not include tokens with substantial trading volumes such as ETH, USDC, USDT, LTC, and BTC.<\/span><\/p>\n

Charles Hoskinson, the founder of Cardano, responded<\/a> to these charges by suggesting that the regulatory crackdown was a move to pave the way for a Central Bank Digital Currency (CBDC)<\/a>. 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.<\/span><\/p>\n

Hoskinson noted:<\/p>\n

\n

With respect to Binance, I’m reading through the SEC complaint. It’s over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life.<\/p>\n<\/blockquote>\n

The Market Impact On ADA, BNB, MATIC, And SOL<\/span><\/h2>\n

In the wake of this regulatory scrutiny, ADA’s price<\/a> has seen a market downtrend, falling by 15% over the past 7 days, 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.<\/span><\/p>\n

\"Cardano
Cardano (ADA)\u2019s price moving sideways on the 4-hour chart. Source: ADA\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

In spite of the price drop, ADA’s trading volume surged from $228 million to over $400 million between last Friday and yesterday, indicating a high sell pressure<\/a>. It is worth noting that over the past week, more than $2 billion have been subtracted from the asset’s market capitalization.\u00a0<\/span><\/p>\n

Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges<\/a><\/div>\n

Similarly, other altcoins such as Polygon (MATIC), Binance Coin (BNB), and Solana (SOL) have mirrored ADA’s price action. In the past week, MATIC, BNB, and SOL have recorded downward turns of 13.6%, 15.7%, and 11.4% respectively.<\/span><\/p>\n

Notably, among the global crypto market capitalization, ADA currently ranks 8th with SOL and MATIC<\/a> ranking below Dogecoin (DOGE). Meanwhile, despite the large impact on BNB, the asset still ranks 3rd in the global crypto market.<\/p>\n

This turbulent market activity, however, underscores the substantial influence of regulatory entities on the cryptocurrency market.\u00a0<\/span><\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In a market heavily influenced by Bitcoin (BTC) and Ethereum (ETH), their slight price decline recently has been overshadowed by a more substantial fall in larger altcoins. Notably, Cardano (ADA), BNB (BNB), Polygon (MATIC), and Solana (SOL) have seen a more than 10% drop over the past week. This downturn traces back to regulatory actions taken by the US Securities and Exchange Commission (SEC) against industry titans Binance and Coinbase. Regulatory Pressure And The Crypto Market This heightened market volatility follows charges laid by the SEC on Tuesday against Coinbase for facilitating the trading of crypto assets they labeled as unregistered securities. The list of implicated assets includes FLOW, VGX, MATIC, and ADA. A similar charge was filed against Binance, where these assets, among others like BNB, BUSD, SOL, FIL, ATOM, SAND, MANA, ALGO, AXS, and COTI, were categorized as securities. It’s interesting to note that the SEC did not include tokens with substantial trading volumes such as ETH, USDC, USDT, LTC, and BTC. 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. Hoskinson noted: With respect to Binance, I’m reading through the SEC complaint. It’s over 130 pages, but seems like the next in a series of steps to implement chokepoint 2.0 in the United States. The end goal is a agenda based CBDC partnered with a handful of massive banks and end-to-end control over every aspect of your financial life. The Market Impact On ADA, BNB, MATIC, And SOL In the wake of this regulatory scrutiny, ADA’s price has seen a market downtrend, falling by 15% over the past 7 days, 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. In spite of the price drop, ADA’s trading volume surged from $228 million to over $400 million between last Friday and yesterday, indicating a high sell pressure. It is worth noting that over the past week, more than $2 billion have been subtracted from the asset’s market capitalization.\u00a0 Related Reading: Cardano (ADA) Declines As Market Recovers Amid Security Charges Similarly, other altcoins such as Polygon (MATIC), Binance Coin (BNB), and Solana (SOL) have mirrored ADA’s price action. In the past week, MATIC, BNB, and SOL have recorded downward turns of 13.6%, 15.7%, and 11.4% respectively. Notably, among the global crypto market capitalization, ADA currently ranks 8th with SOL and MATIC ranking below Dogecoin (DOGE). Meanwhile, despite the large impact on BNB, the asset still ranks 3rd in the global crypto market. This turbulent market activity, however, underscores the substantial influence of regulatory entities on the cryptocurrency market.\u00a0 Featured image from iStock, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":520050,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[12333,142,12332,40670,83584,12837,83626],"class_list":["post-537195","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-ada","tag-altcoins","tag-cardano","tag-matic","tag-polygon","tag-sol","tag-solana"],"acf":[],"yoast_head":"\nCrypto Market Tension: ADA, BNB, MATIC, SOL Crashes Over 10% In Past Week, Here\u2019s Why<\/title>\n<meta name=\"description\" content=\"Notably, Cardano (ADA), Binance Coin (BNB), Polygon (MATIC), and Solana (SOL) have seen a more than 10% 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Edyme","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/wncen.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0740dd47da0842fb4beb4895ce9022b4?s=96&d=mm&r=g","caption":"Samuel Edyme"},"description":"Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Crypto Market Tension: ADA, BNB, MATIC, SOL Crash Over 10% In Past Week","url":"http:\/\/wncen.com\/news\/crypto-market-tension-ada-bnb-matic-sol-crashes\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/crypto-market-tension-ada-bnb-matic-sol-crashes\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["ada","altcoins","cardano","matic","polygon","sol","solana"],"dateCreated":"2023-06-09T14:30:11Z","datePublished":"2023-06-09T14:30:11Z","dateModified":"2024-06-11T14:37:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Crypto Market Tension: ADA, BNB, MATIC, SOL Crash Over 10% In Past Week\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-market-tension-ada-bnb-matic-sol-crashes\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/crypto-market-tension-ada-bnb-matic-sol-crashes\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Optimism.jpeg?fit=553%2C311\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"ada\",\"altcoins\",\"cardano\",\"matic\",\"polygon\",\"sol\",\"solana\"],\"dateCreated\":\"2023-06-09T14:30:11Z\",\"datePublished\":\"2023-06-09T14:30:11Z\",\"dateModified\":\"2024-06-11T14:37:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/02\/Optimism.jpeg?fit=553%2C311","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537195"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=537195"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537195\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/520050"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=537195"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=537195"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=537195"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}