Coinbase SEC Lawsuit Rattles Crypto Market, Bitcoin, Ethereum Prices Fall

• Coinbase faces a lawsuit from the SEC.
• The prices of major currencies have taken a toll.
• This is a follow-up to a lawsuit against Binance.

Following the Securities and Exchange Commission’s lawsuits against Coinbase and Binance, two prominent cryptocurrency exchanges, there was a slight marginal decrease in the prices of Bitcoin, Ether, and other major cryptocurrencies.

Bitcoin experienced an immediate decline of approximately 2.87%, Ether dipped by 1.72%, and BNB, Binance’s digital currency, reached a low point of 6.9%. Bitcoin’s value started the day at $25,480 and is trading at $25,983. The overall market capitalization of all cryptocurrencies experienced a minor decrease of about 3.10%.

SEC calls 13 cryptos as securities in the Coinbase lawsuit

As part of the lawsuit against Coinbase, the SEC provided a comprehensive list of 13 cryptocurrencies that it asserted were securities. The list, although not exhaustive, included notable tokens such as Solana (SOL), Cardano (ADA), and Polygon (MATIC), with the SEC offering extensive information about the release of these tokens.

Following the public disclosure of the SEC’s lawsuit, SOL experienced a decrease of approximately 7.4%, ADA saw a decline of 6.36%, and MATIC witnessed a decrease of 8.76% in their respective values.

The decline in the market reflects a similar price movement observed on Monday when the SEC filed a lawsuit against Binance. Both cryptocurrencies and the share prices of publicly traded crypto companies, including Coinbase, experienced negative impacts.