Crypto Market Resilience Tested as Altcoins Drop Billions in Value

Over 50 altcoins worth over $100 billion in total and making up about 10% of the overall market are now viewed by the SEC watchdog as securities, according to CCData. The impacts are already being felt - Robinhood Markets has already said it will remove solana, cardano and polygon from its platform. The SEC's classification is likely to hit investment interest for the blockchains underlying tokens like solana and cardano, both notable chains for developing decentralized finance and other applications, market players say. Bitcoin and ether weren't named in the SEC's lawsuit, nor were stablecoins such as tether and USC Coin.