Coinbase and crypto down today

After a great month, the crypto market plummeted Monday. July saw $474 million in crypto market inflows, reversing June's $481 million losses.

Bitcoin (BTC) plummeted 5% around 2:30 p.m. ET, while Solana (SOL) declined 5.5%. The crypto market slump caused Coinbase Global (NASDAQ: COIN) and Silvergate Capital (NYSE: SI) to collapse.

Coinbase CoinFlex fired "many" people. To remain solvent, slash spending by 50-60%. Roger Ver defaulted on a $47 million debt, thus CoinFex prohibited withdrawals.

Monday's decline in U.S. stocks hasn't helped. This is another huge results week, and investors worry the news won't be strong enough to keep capital coming into crypto.

The SEC's enforcement efforts are one. With the SEC looming, crypto investors may be apprehensive about the future.

Second, market mood shifted quickly during crypto winter. Despite a negative GDP and increasing interest rates last week, crypto rapidly reversed a multiyear slide.

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