{"id":28437,"date":"2023-08-18T21:52:37","date_gmt":"2023-08-19T01:52:37","guid":{"rendered":"http:\/\/cryptocornercafe.com\/cafe\/?p=28437"},"modified":"2023-08-18T21:52:37","modified_gmt":"2023-08-19T01:52:37","slug":"algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges","status":"publish","type":"post","link":"http:\/\/cryptocornercafe.com\/cafe\/2023\/08\/18\/algorand-faces-tough-times-records-new-all-time-low-as-crypto-market-plunges\/","title":{"rendered":"Algorand Faces Tough Times, Records New All-Time Low As Crypto Market Plunges"},"content":{"rendered":"

Algorand\u2019s (ALGO)\u00a0performance on the charts has been nothing short of a rollercoaster. According to data<\/a> from CoinGecko, yesterday, the asset\u2019s value plummeted to a historical bottom, and it\u2019s currently down by nearly 10% in the past 24 hours.<\/p>\n

Algorand Records New Low<\/h2>\n

Just yesterday, amid the significant downturn in the crypto market, Algorand\u2019s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining\u00a0its stability<\/a> and striving to hold its ground above the $0.11 mark over the past week.<\/p>\n

This price move resulted in more than $50 million being wiped away from the asset\u2019s market capitalization in the past day. Algorand\u2019s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.<\/p>\n

Despite the bloodbath the asset\u2019s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO\u2019s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.<\/p>\n

This isn\u2019t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO\u2019s current bloodbath, the US Securities and Exchange Commission Chairman once recognized<\/a> Algorand as a \u201cgreat technology.\u201d<\/p>\n

At least on Algorand, I agree with Gary. Gensler is bullish on Algorand! pic.twitter.com\/BnKkU8d8gS<\/a><\/p>\n

\u2014 Mr. Huber (@Leerzeit) November 14, 2021<\/a><\/p>\n

However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.<\/p>\n

Legal Complications Taking A Toll?<\/h2>\n

Besides ALGO\u2019s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted<\/a> that ALGO is\u00a0a security under US laws.<\/p>\n

This classification opened Pandora\u2019s box of regulatory challenges for Algorand, impacting its perception among investors.<\/p>\n

Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned<\/a> ALGO, exacerbating its woes and dragging it to its recent historically low prices.<\/p>\n

When reviewing a potential cause for ALGO\u2019s<\/a> bearish moves in the past months, both of these\u00a0high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>","protected":false},"excerpt":{"rendered":"

<\/p>\n

Algorand\u2019s (ALGO)\u00a0performance on the charts has been nothing short of a rollercoaster. According to data<\/a> from CoinGecko, yesterday, the asset\u2019s value plummeted to a historical bottom, and it\u2019s currently down by nearly 10% in the past 24 hours.<\/p>\n

Algorand Records New Low<\/h2>\n

Just yesterday, amid the significant downturn in the crypto market, Algorand\u2019s price fell below notable support. The asset dropped to a price of $0.0905 despite maintaining\u00a0its stability<\/a> and striving to hold its ground above the $0.11 mark over the past week.<\/p>\n

This price move resulted in more than $50 million being wiped away from the asset\u2019s market capitalization in the past day. Algorand\u2019s market cap stands at a valuation of $755 million, a 7.1% drop from its earlier record of $808 million on Thursday.<\/p>\n

Despite the bloodbath the asset\u2019s market cap and price currently suffer, its trading volume has moved in the opposite direction. ALGO\u2019s trading volume has surged from a low of $46.5 million yesterday to as high as sitting above $73 million at the time of writing.<\/p>\n

This isn\u2019t surprising as it indicates a potential violent sell-off. Furthermore, it is worth noting that before ALGO\u2019s current bloodbath, the US Securities and Exchange Commission Chairman once recognized<\/a> Algorand as a \u201cgreat technology.\u201d<\/p>\n

At least on Algorand, I agree with Gary. Gensler is bullish on Algorand! pic.twitter.com\/BnKkU8d8gS<\/a><\/p>\n

\u2014 Mr. Huber (@Leerzeit) November 14, 2021<\/a><\/p>\n

However, despite receiving positive reviews, even from the SEC, the asset eventually became entangled in legal disputes, leading to its inability to maintain stability and ultimately hitting a historic low.<\/p>\n

Legal Complications Taking A Toll?<\/h2>\n

Besides ALGO\u2019s price action, the last few months have been tumultuous for Algorand. Two lawsuits have cast long shadows over its progress. In its suit against the cryptocurrency exchange Bittrex in April, the SEC hinted<\/a> that ALGO is\u00a0a security under US laws.<\/p>\n

This classification opened Pandora\u2019s box of regulatory challenges for Algorand, impacting its perception among investors.<\/p>\n

Further complicating matters for Algorand was another SEC lawsuit aimed at the behemoth crypto exchange, Binance, in June 2023. This litigation mentioned<\/a> ALGO, exacerbating its woes and dragging it to its recent historically low prices.<\/p>\n

When reviewing a potential cause for ALGO\u2019s<\/a> bearish moves in the past months, both of these\u00a0high-profile legal disputes within a short time frame could be considered one of the reasons, as external factors such as regulatory challenges can significantly sway investor sentiment.<\/p>\n

Featured image from iStock, Chart from TradingView<\/p>\n

<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-28437","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28437","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=28437"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/28437\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=28437"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=28437"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=28437"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}