Why Coinbase and Crypto Are Down Today
The crypto market fell on Monday following a strong month for the industry. Coinshares reported that there was $474 million of inflows to the crypto market in July, reversing $481 million in outflows in June.
Bitcoin (CRYPTO: BTC) was a big mover, falling 5% as of 2:30 p.m. ET and Solana (CRYPTO: SOL) fell 5.5% over that time. The drop in crypto led to Coinbase Global (NASDAQ: COIN) dropping as much as 5.6% and Silvergate Capital (NYSE: SI) falling 6%.
Headlines today were focused on the downside of crypto, with an alleged Ponzi scheme getting attention. The Securities and Exchange Commission (SEC) charged 11 people with fraud on Monday and Binance.US pulled the AMP token after the token was deemed a security in the Coinbase employee insider trading case. Put it together and it appears the SEC is ramping up enforcement in crypto.
Source Fool.com
