COIN - Why Cryptocurrencies Plunged This Week

2023-06-09 13:32:33 ET

Across the board, this has been a tough week for the crypto industry . A long-anticipated legal action from the Securities and Exchange Commission (SEC) against Coinbase (NASDAQ: COIN) was even more sweeping than some expected, and the regulator's moves may bring down other big players like Binance (which was also targeted in an SEC lawsuit).

In response to the recent news, a host of high-profile tokens have dropped. From last Friday's close to noon today, Solana (CRYPTO: SOL) fell by 11.3%, Polygon (CRYPTO: MATIC) dropped 14.2% , BNB (CRYPTO: BNB) lost 14.7% of its value, and Cardano (CRYPTO: ADA) fell 16.3%. Those are just a few examples -- the full list of falling cryptocurrencies is much longer.

Image source: Getty Images.

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