The altcoin market is under heavy fire today. Major cryptocurrencies like Solana $SOLUSD-1.9%, Polygon $MATICUSD-2.2%, Cardano $ADAUSD+0.6% and many others - are falling in value.
Solana USD
SOLUSDCapital Structure
Market Cap
70.8B
Enterpr. Val.
0.0
Valuation
P/E
-
P/S
-
Dividends
Yield
-
Payout
-
The main reason seems to be the fact that the SEC has compiled an "incomplete" list of 13 cryptocurrencies that it considers to meet the requirements for securities.
As one might expect, these include: ADA, SOL, MATIC.
Buying? I'm buying in today 😎
I only have Solana from altos and I also bought some for a few pennies... but it's purely a gamble for me... :)
It is not at all clear to me how these "Securities" could have escaped the attention of the regulator when Coinbase applied for a direct listing on the exchange. On the one hand the SEC says come consult with us and the US exchange owners want to know how to legally run their biz and they all complain that no one wants to deal with them and then they send the biggest players a subpoena to intimidate everyone else. Until everything is resolved I would just take everything except BTC as unregistered securities because all the events in the US will affect their price everywhere in the world.
I avoid altcoins - only BTC from cryptocurrencies. Maybe Ethereum.
I say it all the time, crypto is worthless and has no reason to have the valuation it has. Just hands off and watch for fun as others drown in it.
Exactly, I agree with you completely.
All I would say to that is, I don't like to waste money, I don't buy.