Altcoins are suffering the largest losses following the SEC’s lawsuit against Binance and its CEO Changpeng “CZ” Zhao.
Among the allegations are that the exchange offered a number of unregistered securities to the general public, among them not just Binance’s BNB token and its BUSD stablecoin, but also Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (AXS) and Decentraland (MANA).
The entire cryptocurrency market is in the red on the news, including declines of 5%-10% in most of the above tokens.
The world’s largest cryptocurrency by market cap, bitcoin (BTC) was recently down 5% to trade at $25,800. Ether (ETH) is down 4.5% to $1,811.