Cryptoverse: Security alert! Altcoins worth $100 billion dropped in hot water

U.S. regulators’ lawsuits against exchanges Binance and Coinbase have impacted over 50 altcoins worth over $100 billion, viewed as securities by the SEC watchdog. Solana, Polygon and Cardano have all seen significant drops between 23% and 32%. The SEC’s classification may hinder investment interest in the blockchains underlying tokens like Solana and Cardano and impact developers and users’ onboarding. However, bitcoin’s market share has risen to 47.6%, and investment products tracking altcoins have seen small net inflows this year, showing that some investors see value in beleaguered altcoins.