Why Dogecoin, Sandbox, and Terra Luna Classic Plunged Today
Cryptocurrencies continued their sell-off late Thursday and into Friday on fears that institutional risks continue to be high. Silvergate Capital's (NYSE: SI) warning that it may not be able to keep operating as a going concern came out after the market closed on Wednesday, and that's still impacting trading nearly two days later.
The major cryptocurrencies are down Friday, but so are altcoins and meme coins. As of 12:40 p.m. ET, Dogecoin (CRYPTO: DOGE) had dropped by 5.4% in the prior 24 hours, Sandbox (CRYPTO: SAND) had fallen 7.6%, and Terra Luna Classic (CRYPTO: LUNC) was down 10.3%.
Silvergate was an on-and-off ramp to crypto trading for many institutional investors, so its collapse could undermine faith in the industry. It's not surprising that values are falling as investors try to determine both the counterparty risks a Silvergate bankruptcy might hold, as well as the impact on future buyers.
Source Fool.com
