Crypto Market Volatility Continues with Major Price Drops and Liquidations

Tokens tied to Solana, Cardano, and Polygon experienced a significant drop in price, down nearly 30% over seven days, following the SEC's declaration that they are securities. The sell-off was likely caused by major crypto market makers and trading firms dumping their holdings, combined with an illiquid trading environment. Robinhood also announced it would delist the three tokens from its exchange. Other well-known blockchains also experienced a big blow in the wake of the SEC complaints. Bitcoin and Ethereum, the two biggest cryptocurrencies by market cap, experienced only minor dips.