ALGO, FLOW rebound from all-time lows, others rebuff SEC securities label
The SEC’s tagging of cryptocurrencies as securities has greatly affected the crypto market causing Algorand and Flow to hit historic lows on June 10. The United States securities regulator designated a slate of cryptocurrencies as securities in recent lawsuits including Algorand (ALGO) and Flow (FLOW) which hit all -time price lows following the declaration. On June 10, ALGO and FLOW hit their respective historic lows of $0.098 and $0.46, having dropped around 30% in the past seven days according to CoinGecko data. Both have slightly rebounded since, with ALGO up over 12.5% and FLOW recovering just over 10.5% since June 10. ALGO's seven-day price chart shows a drop to its all-time low with a slight recovery after. Source: CoinGecko Last week the Securities and Exchange Commission (SEC) sued crypto exchanges Binance and Coinbase on June 5 and 6 respectively. In the process, it labeled 16 new cryptocurrencies as securities , including FLOW and Internet Computer (ICP). ALGO was hi...