On Wednesday, many altcoin investors got that late 2022 feeling again, and the sensation was hardly pleasant. Mirroring the typical trajectory of that period, a clutch of top altcoins saw notable declines on the day. 

For example, as of late afternoon, meme coin Dogecoin (CRYPTO: DOGE) was down by nearly 4% across the preceding 24 hours, Polkadot (CRYPTO: DOT) had fallen more than 6%, and Cronos (CRYPTO: CRO) was tumbling by 9%. A fizzling rally in top cryptos was the drag pulling down most coins and tokens.

There's nothing like a major government enforcement action to put the damper on a rally. Sure enough, the Department of Justice's announced that it had arrested Anatoly Legkodymov, the founder of crypto exchange Bitzlato, for alleged unlicensed money transmitting. This followed an announcement that the DOJ had major crypto regulatory enforcement news to impart, which spooked the market.

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Source Fool.com