With the SEC filing a lawsuit, a crisis began in the crypto market, and the altcoins in Binance were greatly shaken after a long time.
Regulatory problems continue to ripple the crypto industry. Announcing that it has sued Coinbase and Binance in the past days, the SEC brought sharp drops in cryptocurrencies. Investors, who do not tend to buy-side trade due to the pessimistic atmosphere in the market, continue to withdraw their money from the stock markets. Finally, the 60 percent depreciation of an altcoin in Binance in one day created an impact in the industry.
Danger Bells Ringing for Metal DAO (MTL)
Falling from $2.80 to $1.11, MTL has lost 60 percent in the last day. Such a decline has been observed in Binance after a long time. The fact that such collapses, which are generally seen in memecoins, were reflected in other coins gave negative signals for the market.
With the strict rules of the SEC and the recent lawsuits, altcoins, which are pulled to support levels one by one, are waiting for positive news for the rise. Investors follow fundamental analysis more closely than technical analysis in this process. In the scenario where fud news continues to come, the declines in cryptocurrencies may deepen.
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