Algorand (ALGO) Plunges to All-Time Low

Alrogrand (ALGO) experienced a fresh all-time low of $0.09 recently, as per data from CoinGecko, amidst a general bearish sentiment prevailing in the market.
Launched in June 2019, Alrogrand stands as a layer-1 blockchain employing the proof-of-stake consensus mechanism.
The value of ALGO had been striving to find support above the $0.11 mark following a decline in June. Regrettably, the recent market downturn resulted in the token’s value plunging to an unprecedented low of $0.0905.
Presently, the token is actively traded at $0.957, according to CoinGecko’s information.
Notably, the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, previously acknowledged the blockchain’s technology as impressive.
However, the token has faced a substantial setback in recent months, possibly attributed to its involvement in two prominent legal cases.
The SEC initially labeled ALGO as a security, pressing charges against the crypto exchange Bittrex in April.
In a more recent development in June 2023, the SEC again referenced ALGO in new lawsuits targeting Binance, leading the token’s value to hit historically low levels.
READ MORE: Stock Market’s Impact on Altcoins & Bitcoin’s Halving Roadmap
Algo wasn’t the sole digital asset encountering challenges this week.
Bitcoin (BTC) experienced a sudden drop below $26,000 in a rapid market crash after the Chinese real estate giant Evergrande declared bankruptcy.
According to Coinglass data, liquidations in the futures market surpassed $1 billion during that time.
Among the daily liquidations in this specialized market, long orders for BTC, Ethereum (ETH), and XRP took the lead.
The collective cryptocurrency market capitalization witnessed a loss of almost $70 billion, marking a 6% decrease since the prior day.