![Cardano [ADA] crashes below $0.4300 as bears take charge](https://www.panasiabiz.com/wp-content/uploads/2022/09/Cardano-ADA-crashes-below-0.4300-as-bears-take-charge-678x381.jpg "Cardano [ADA] crashes below $0.4300 as bears take charge")
The altcoin market is facing a severe crisis. Many leading cryptocurrencies such as Solana (SOL), Polygon (MATIC), Cardano (ADA), and others are losing their value rapidly.
The following heatmap shows the extent of the damage that the market is suffering. It also indicates that investors are very nervous right now.
There are two main events that might explain this situation. SEC Classifies 13 Cryptocurrencies as Securities A few days ago, the US Securities and Exchange Commission (SEC) sued Binance, its CEO, and its US branch. The next day, the SEC filed another lawsuit against Coinbase, the largest US-based crypto exchange.
The lawsuit against Coinbase seems to have a bigger impact on the market. The reason is that the SEC included a “non-exhaustive” list of 13 cryptocurrencies that it considers to be securities.
These include: Cardano (ADA) Solana (SOL) Polygon (MATIC) Some other tokens on the list are SAND, AXS, FIL, ICP, NEAR, etc. Most of these tokens are also dropping in price today. But that might not be the only reason, although it is probably the main one.
Robinhood Delists Tokens for Solana, Cardano, and Polygon Robinhood is one of the largest retail trading platforms and a significant player in the crypto industry.
However, yesterday, there were reports that it will delist tokens for Solana, Cardano, and Polygon. This might suggest that investors are anticipating legal cases against these tokens.
Remember that in 2020, the SEC sued Ripple for conducting an unregistered securities offering, essentially calling XRP a security. The token fell in response, and many exchanges delisted it. Read more from CryptoPotato
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