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Algorand (ALGO) Plunges to All-Time Low

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.

Author
Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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