Crypto weekend slump compounds jitters of investors

FILE PHOTO: Representations of Bitcoin and other cryptocurrencies on a screen showing binary codes are seen through a magnifying glass in this illustration picture taken September 27, 2021. REUTERS/Florence Lo/Illustration/File Photo

SINGAPORE: A sharp weekend sell-off in crypto led by a slump in smaller digital tokens set off a fresh wave of anxiety among investors, following a week in which a crackdown by the US Securities and Exchange Commission (SEC) on the sector gained significant pace.

Altcoins including Cardano’s ADA tumbled as much as 25% last Saturday before paring a sliver of the decline, while tokens including Solana’s SOL, Polygon’s Matic and Avalanche’s Avax posted double-digit percentage drops.