Cardano's ADA is taking a massive beating and it appears that the SEC's claims might be behind it.
Cardano is taking a massive beating throughout the past few days. The cryptocurrency is down a whopping 23% in the last 24 hours alone.
The majority of the altcoins are also trading well in the red, triggering liquidations of close to $400 million.
Cardano (ADA) and a bunch of other altcoins are plummeting today. ADA alone is down 23% in the past day as investors fear a potential clash with the SEC.
Data from Coinglass shows that the entire market’s liquidations have ramped up to close to $400 million for the same period.
As CryptoPotato reported earlier this week, the SEC filed a lawsuit against Coinbase. In it, the agency claims that a bunch of altcoins are essentially fitting the requirements of being securities, and ADA is among them.
In a recent blog post, Cardano’s Input Output Global – the firm behind Cardano’s ecosystem – released a statement dismissing the claims that ADA is security.
Georgi Georgiev is CryptoPotato's editor-in-chief and seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn
