Algorand (ALGO) Hits New All-Time Low Amid Market Downturn
Algorand (ALGO), a proof-of-stake based layer-1 blockchain, recently reached a new all-time low of $0.09. This drop in price was part of a broader bearish trend in the cryptocurrency market. ALGO had been trying to establish support above $0.11 since June, but the recent market slump brought it down to its lowest point yet. The token is currently trading at $0.957.
SEC Lawsuits and ALGO’s Decline
ALGO was previously praised by SEC chairman Gary Gensler for its technology. However, the token has experienced a significant downturn in recent months, likely due to its involvement in two high-profile lawsuits. The SEC initially claimed that ALGO was a security when it filed charges against Bittrex in April. It was mentioned again in lawsuits against Binance in June, causing the token’s value to plummet.
Bitcoin and Other Cryptos Suffer
In addition to ALGO’s decline, Bitcoin (BTC) also experienced a flash crash below $26,000 after news of Chinese real estate giant Evergrande filing for bankruptcy. This crash led to over $1 billion in liquidations in the futures market. BTC, Ethereum (ETH), and XRP had the highest number of long orders liquidated during this time.
Hot Take
The recent market downturn has had a significant impact on ALGO and other cryptocurrencies. ALGO’s involvement in SEC lawsuits, as well as external factors like Evergrande’s bankruptcy, have contributed to its all-time low. As crypto investors, it is important to stay informed about market trends and potential risks to make informed decisions when trading.
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