CoinGecko says SEC lawsuits against Binance and Coinbase sent crypto prices tumbling
The SEC filed a lawsuit on June 5 against Binance and on June 7 against Coinbase, accusing both exchanges of violating securities laws by offering certain cryptocurrencies as securities for trading. As two of the most prominent exchanges available to users today, CoinGecko reports the detrimental impact of this news on cryptocurrency prices. Varying degrees of decline CoinGecko shares the impact of the SEC’s lawsuit on crypto currency prices , stating that the announcement of the lawsuit had a notable effect on listed crypto currencies, with varying degrees of decline. The Sandbox (SAND) experienced the largest drop, falling by -11.4% on June 6 and further plummeting by -35.0% by June 12, from $0.59 to $0.39. SAND was mentioned in both lawsuit s as it is available for trading on Binance and Coinbase. Among the top 10 cryptocurrencies by market capitalization, significant drops were observed. Binance Coin (BNB), the fourth-largest cryptocurrency, initially fell by -9.4% ...