There aren’t too many favorable developments within the cryptocurrency community lately. It all started last Monday when the US SEC decided to begin a legal battle against Binance and doubled down on its crackdown against large crypto exchanges by suing Coinbase the very next day as well.

Expectedly, these rather unexpected events led to massive price crashes for the majority of crypto assets. Nevertheless, many managed to recover most losses by the end of last week, but it all changed precisely seven days ago.

As Friday came to its end and Saturday approached, numerous digital assets, mostly altcoins that were mentioned in the SEC’s lawsuits for being unregistered securities, dumped by double digits during a massive weekend bloodbath.

BTC and ETH were spared to an extent, perhaps because they were not in the SEC’s filings. However, after a relatively quiet week in which even the US CPI numbers from Wednesday and the Fed’s decision to halt the interest rate hikes on Thursday didn’t shake the primary cryptocurrency – at first.

That all changed on Thursday evening when BTC slumped from over $26,000 to just below $24,800 to chart its lowest price position in three months. Most alts followed suit, with some, such as BNB, posting six-month lows.