Crypto Mayhem Saturday: Why Polygon, Solana, Dogecoin, Shiba Inu and Other Altcoins Fall – Emeren Group (NYSE:SOL), AMC Enter Hldgs (NYSE:APE), USData (OTC:USDC), Coinbase Glb (NASDAQ:COIN )
Jun 10, 2023 11:29 am | 2 minutes read
The cryptocurrency space was shrouded in a sea of red on Saturday morning as most altcoins declined sharply.
What happened: The sharp drop came amid SEC lawsuits against cryptocurrency exchanges binance And Coinbase Global, Inc. (NASDAQ:COIN). After being flat on Friday, most altcoins started a sharp decline in the early hours of Saturday.
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polygon (CRYPTO:MATIC) led the decline, with the DeFi token plummeting 27.75%. confluence (CRYPTO:CFX), Conflux Network’s native token, and EOS (KRYPTO:EOS) crashed about 25%.
Heavy losses also piled up apecoin (CRYPTO:APE) (down over 24%), Solana (CRYPTO:SOL) (down over 22%) and Axie Infinity (CRYPTO:AXS) (also down over 22%).
Meme cryptos were not spared either. Dogecoin (KRYPTO:DOGE) and Shiba Inu (KRYPTO: SHIB) is down over 15% and 16%, respectively.
Bitcoin (CRYPTO: BTC) and ether (CRYPTO:ETC) fell a more modest 3.54% and 5.54%, respectively, according to Benzinga Pro data.
Digital tokens that resisted a sell-off included dollar-pegged stablecoins such as twin dollars (CRYPT: GUSD), pax dollars (KRYPTO:USDP), Tether (KRYPTO:USDT) and USD coin (CRYPT:USDC).
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See also: Best Cryptocurrencies
Why it matters: Blockchain tokens appeared to be responding to the SEC’s decision to designate 13 tokens as securities in its lawsuit. The label could put these 13 tokens under stricter regulations that apply to securities.
On Saturday, Twitter users began speculating that a large, unnamed crypto fund might be liquidating its holdings. “It feels like a big company is emptying its books, which is probably related to the looming regulatory problems in the US,” said one.
It feels like a big company is emptying its books, likely related to the looming regulatory woes in the US. I’m expecting a headline in a few days. Winter Mute or Jump?
— King G (@MrCustomSuit) June 10, 2023
Crypto-tracked futures showed $300 million worth of liquidations early Saturday, Coindesk reported, citing data from Coinglass. This is more than the record nine-month liquidation numbers from earlier this week, it said.
A liquidation occurs when a trader’s position is forcibly closed due to insufficient funds to cover an ongoing loss.
Related Link: A look at Bitcoin, Ethereum and Dogecoin ahead of the weekend ahead of the Fed rate decision
Image: Shutterstock
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