Dogecoin, Sandbox, and Terra Luna Classic Experience a Significant Drop Today
The recent sell-off in cryptocurrencies continues amid concerns over institutional risks. Silvergate Capital’s warning that it may not be able to continue operating as a going concern has impacted trading, as Silvergate provides an on-and-off ramp to crypto trading for many institutional investors. As a result, values across cryptocurrencies, altcoins, and meme coins have fallen, with Dogecoin, Sandbox, and Terra Luna Classic falling by 5.4%, 7.6%, and 10.3%, respectively. Additionally, the imminent unlocking of crypto assets owed to creditors of Mt. Gox may lead to billions of dollars in selling in the market. However, Coinbase has announced its acquisition of One River Digital Asset Management, which may help fill the void left by Silvergate in terms of servicing institutional clients. Despite the recent volatility, the market is flushing out weaker companies and cryptocurrencies, and long-term prospects remain bullish for the industry. Nonetheless, investors should look to market leaders like Coinbase for better investment options, as meme coins and speculative assets may not generate significant value in the long term if the crypto market gains wider adoption.
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