Tokens of major blockchain networks slid more than 20% in the past 24 hours, amid a likely risk-off event days after 13 tokens were alleged as securities in a U.S. Securities and Exchange Commission (SEC) lawsuit against crypto exchanges Binance and Coinbase, according to data from Crypto Twitter. The bulk of these losses came in the wee hours of Saturday, pushing weekly declines for these tokens to as much as 34%. Major tokens such as BNB (BNB), Dogecoin (DOGE), XRP (XRP) fell over 11%, while Bitcoin (BTC) dropped 3.6% and Ether (ETH) slid 4.5%. Crypto-tracked futures saw nearly $300 million in liquidations in the early hours on Saturday, exceeding the nine-month record liquidation figures from earlier this week.
The SEC identified tokens issued by foundations and companies or tied to protocols Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO) as securities, leading to some major retail trading avenues such as Robinhood to end support for tokens ADA, SOL and MATIC.
The crypto market has seen a major shift in the past 24 hours, with tokens of major blockchain networks sliding more than 20% due to the SEC’s lawsuit against Binance and Coinbase. Crypto-tracked futures saw nearly $300 million in liquidations, and major tokens such as BNB, DOGE, XRP, BTC and ETH all saw losses.