Major Cryptos fall as news surrounding the industry continues to dominate
- SEC conducting investigation in the crypto space.
- All major cryptos trade in the red.
The US Securities and Exchanges Commission (SEC) Enforcement Division Co-Director Stephanie Avakian confirmed that the agency is conducting “dozens” of investigations in the cryptocurrency space, Cointelegraph reported, citing Bloomberg news.
All the cryptocurrencies were trading lower on Sunday as the news and developments surrouning the inustry has been negative for this week, which started with Google ad bans on the ICOs and cryptocurrencies, which will come into effect from June this year.
Bitcoin was down by 2 percent at $7,690, Ethereum was down nearly 6 percent at $517 and biggest loser was Stellar Lumens, which lost nearly 10 percent to $0.1881.
Avakain’s comments follow press reports in late February that the SEC has sent subpoenas to companies suspected of running afoul of securities laws via their involvement in Initial Coin Offerings (ICOs). Avakian said, “We are very active, and I would just expect to see more and more.”
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Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
