What Was The Effect Of The SEC’s Lawsuit On Cryptocurrency Prices?
![](data:image/svg+xml;utf-8,<svg xmlns="http://www.w3.org/2000/svg" width="1080" height="1078" />)
The announcement of the lawsuit saw the listed cryptocurrencies fall by varying degrees. The Sandbox (SAND) fell the most, dropping -11.4% on June 6, before falling -35.0% by June 12, from $0.59 to $0.39. SAND was named in both lawsuits, as it is available for trading on both platforms.
Cryptocurrencies in the top 10 by market capitalization also saw significant drops. Binance Coin (BNB), the fourth largest cryptocurrency, fell -9.4% in the direct aftermath of the lawsuit before dropping -23.0% by June 12. The price of BNB dropped from $305.57 to $235.20 during that period.
Meanwhile, Cardano (ADA), which is the eighth-largest token by market capitalization, dropped -7.0% on June 6, and ended June 12 with a -27.9% drop. The price of ADA went from $0.38 to $0.27 in that same period.
What Cryptocurrencies On Coinbase Are Alleged Securities?
The cryptocurrencies listed in the lawsuit against Coinbase by the SEC were Solana (SOL), Cardano (ADA), Polygon (MATIC), Filecoin (FIL), The Sandbox (SAND), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near Protocol (NEAR), Voyager (VGX), Dash (DASH), and Nexo (NEXO).
Amongst the cryptocurrencies traded on Coinbase, CHZ dropped the most. The sports-centric fell -14.5% by June 8, the day after the lawsuit was announced. By the end of June 12, CHZ had fallen -32.8%. Meanwhile, its price went from $0.10 to $0.07 between June 5 and June 12.
NEXO fell -5.8% between 5 and 12 June, the least among the cryptocurrencies listed as securities on Coinbase, and the other 17 cryptocurrencies. The lending platform’s token price dropped from $0.66 to $0.62 within that period.
26 comments