- The SEC’s surprise appeal has rattled the crypto market’s recent surge.
- Retail favorites have suffered major double-digit losses.
- Even crypto giants have not been spared from the downturn.
The crypto market has hit another bump, halting its recent positive momentum as regulatory pressure from the SEC weighs heavily on investor sentiment. In a significant development, the SEC has decided to appeal a recent ruling in favor of Ripple, casting a shadow over the market and causing widespread losses among major cryptocurrencies.
XRP, Ripple’s native token, has been hit the hardest, plunging by 15.9% as investors react to the uncertainty surrounding the lawsuit. The token’s steep decline reflects its close ties to the ongoing case with the SEC, which accused Ripple of selling unregistered securities. The appeal signals continued regulatory hurdles for XRP, sending shockwaves through the crypto space.
Major Cryptos Tumble
Dogecoin and Cardano also saw significant declines, losing 12.8% and 12% respectively. Both tokens, popular with retail investors, are particularly vulnerable to broader market sentiment and regulatory developments. The double-digit losses in these coins highlight the fragility of investor confidence in the current climate.
Other major players in the crypto space were not spared from the downturn. Toncoin recorded a 9.5% drop, while Ethereum, the second-largest cryptocurrency by market cap, fell by 8.2%. Solana, a rising star in the DeFi ecosystem, also experienced a sharp decline of 7.9%.
Smaller but still notable losses were observed in Avalanche (AVAX), Binance Coin (BNB), Bitcoin (BTC), and Tron (TRX). AVAX dropped by 6.9%, BNB by 5.7%, and even Bitcoin, often considered a safer bet in the crypto market, slipped by 5.2%. TRX saw the smallest decline of the major cryptocurrencies, with a 1.3% loss.
Crypto Market Winners
None of the cryptocurrencies within the top 10 experienced a price increase over the past week. However, this is just a snapshot of the current market conditions at the time of writing.
Crypto Market Losers
All of the top 10 cryptocurrencies experienced a price loss over the past week. Here’s a look them, ranked by their percentage decrease:
Cryptocurrency prices are constantly fluctuating, so it’s important to do your own research before making any investment decisions.
On the Flipside
- Current losses may be temporary; crypto has rebounded from similar dips.
- Bitcoin’s smaller decline suggests this may be a temporary blip in the broader trend.
Why This Matters
The SEC’s decision to appeal the Ripple ruling extends regulatory uncertainty, amplifying fears that the entire cryptocurrency market could face prolonged scrutiny. This uncertainty not only destabilizes tokens like XRP but also erodes broader investor confidence, signaling potential challenges for both altcoins and major players in the space.
To learn more about different digital currencies beyond Bitcoin and the benefits they offer, read here:
What Are Altcoins? Explaining the Modern Crypto Market
Curious about how the recent drop in Bitcoin’s exchange supply might impact its price? Read more here:
Bitcoin’s Exchange Supply Falls as ‘Uptober’ Builds Strength
