Altcoins Drop: ETH Drops 8%, XRP Drops 11%

Polkadot, XRP, Solana, Chainlink, Bitcoin Cash, Theta, Ethereum, SHIB, Dogecoin – today's list of victims after the global market cap of cryptocurrencies lost $1 to $80 billion overnight. $6 trillion to $1.52 trillion. XRP has been particularly hard hit. It is currently trading at 70 cents, with an overnight loss of 11%. The promising signals in the lengthy lawsuit against the U.S. Securities and Exchange Commission aren't enough to save him. In December last year, the US SEC sued Ripple for selling XRP as an unregistered security. Ripple's lawyers won a discovery motion, forcing the SEC to release several internal documents, including employee emails, regarding the SEC's internal policies regarding Bitcoin and Ethereum. This week, the court gave the SEC much more time to submit these documents. Ethereum, the second largest cryptocurrency on the leaderboard, is currently at risk of falling below $2,000. After falling 8.07% overnight, it sits dangerously at $2,055. The days of halcyon all-time high of $4,165 were just last month, but it feels like a lifetime ago. Friday's news that digital asset management firm Grayscale could add Solana investment products to its inventory did little to stop SOL's decline from the fourteenth-largest cryptocurrency by market capitalization to the fifteenth-largest cryptocurrency by market capitalization. It fell 12.31 percent to reach $31.76. Polkadot's DOT, the tenth largest cryptocurrency by market cap, was finally listed on Coinbase Pro this week. The 'Coinbase effect' led to a 16% valuation for the token on Wednesday, but fell 9% to $19.16 today. The Shiba Inu token was declared the “Dogecoin Killer” after breaking into the top twenty cryptocurrencies by market capitalization last month. It also took a hard hit today and is down 10% to $0.00000729. Still, for a meme of a meme, SHIB has made its way to Binance and is expected to appear on it (albeit belatedly).

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