Why Crypto Altcoins Moved Big This Week
There weren't a lot of positive moves in the crypto industry over the past week. The U.S. Securities and Exchange Commission (SEC) has gone all out on crypto, fining exchange Kraken $30 million and shutting down its staking program in the United States. Some of the biggest impacts were felt by smaller tokens and businesses that may not have the resources to fight the SEC.
According to data from S&P Global Market Intelligence, the value of Radix (CRYPTO: XRD) plunged 25.3% in the past week and Fantom (CRYPTO: FTM) has dropped 28.8%, but NEO (CRYPTO: NEO) was up as much as 11.2% and is currently up 1.6% on the week. There may be a good reason for these different reactions.
I'll start with the SEC's move, which is not entirely clear at the moment. What we know is that the SEC has shut down Kraken's Ethereum (CRYPTO: ETH) staking program, and it could go after others. Reports indicate that the SEC is trying to keep traditional finance institutions, like banks, from even interacting with crypto exchanges, which could isolate the industry.
Source Fool.com
