Market

During the altcoin crash on Saturday, Hyblock Capital's global bid and ask indicator experienced a significant decline of 20%, signifying a severe decline in liquidity within the cryptocurrency market.

The trading platform has recently removed three tokens from its listing due to their classification as securities in the SEC's lawsuit against Coinbase and Binance.

The SEC has taken action against the exchanges for violating federal securities laws, resulting in a notable surge in user withdrawals. Despite this, the exchanges have successfully conducted transactions in an organized manner up to this point.

On June 27th, the trading platform will discontinue its support for Cardano (ADA), Polygon (MATIC), and Solana (SOL).

Earlier this week, there were claims made about several tokens being classified as securities, which caused traders to potentially adopt a risk-averse approach.

The exchange urges users to promptly withdraw their USD funds due to the Securities and Exchange Commission employing 'extremely aggressive and intimidating tactics' towards the company.

There is no indication of panic in the implied volatility metrics following the SEC's filing of lawsuits against the two cryptocurrency exchanges.

Coinbase, one of the leading cryptocurrency exchanges, faced legal repercussions on Tuesday as the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against them for alleged violations of federal securities laws. This legal action followed closely on the heels of the SEC's lawsuit against Binance, another prominent exchange in the industry.

Cryptocurrencies staged a partial recovery the day after Monday's market sell-off, which was triggered by the U.S. Securities and Exchange Commission's lawsuit against Binance and its classification of several altcoins as unregistered securities.