NEAR - Why Near Protocol Polygon and ApeCoin Plunged on Tuesday
Turbulence continues in the crypto market and on Tuesday the market turned lower. Major cryptocurrencies were down, but smaller names dropped double digits in some cases. A Securities and Exchange Commission (SEC) investigation into Coinbase Global (NASDAQ: COIN) has led to at least some of the selling, but a drop in growth stocks hasn't helped either.
As of 1 p.m. ET, Near Protocol (CRYPTO: NEAR) was down 8.8%, Polygon (CRYPTO: MATIC) had dropped 10.7%, and ApeCoin (CRYPTO: APE) had fallen 10.6% in trading.
The biggest news is that the SEC is investigating Coinbase's listing of multiple cryptocurrencies that it sees as securities. It's not clear which cryptocurrencies the SEC is worried about, but Coinbase can list digital assets, not securities. The fact that regulators are coming after the exchange is concerning because no one knows exactly what the rules are today.
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Why Near Protocol, Polygon, and ApeCoin Plunged on Tuesday