ADA, SOL Underperform as Robinhood Gets Set to Delist Them Amid SEC Crackdown
The popular trading app will no longer support the trading of Cardano, Solana and Polygon after Tuesday.
Cryptocurrencies Cardano () and Solana () fell more than the broader crypto market on Tuesday, just before trading app Robinhood was set to delist them later in the day at 6:59 p.m. ET.
On June 9, Robinhood said that it would on June 27 “based on [their] latest review.” The decision came right after the three tokens were named as securities in the Securities and Exchange Commission’s (SEC) lawsuits against and .
ADA and SOL were down about 2.3% and 1.8%, respectively, over the past 24 hours, according to CoinDesk data, while the broader (CMI) was up 0.6% over the same time period. , the native cryptocurrency that powers the Polygon Network, was flat. Since Robinhood announced it was ending support for the three tokens on June 9, the prices for the three crypto assets have dropped more than 5% while the CMI is up about 9% over the same period.
After Tuesday, users of Robinhood’s app will be able to trade 15 different crypto currencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX), none of which were named as securities in the SEC’s lawsuits.
Edited by Nelson Wang.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Donald Trump Effect Boosts Solana Network Cryptocurrencies Ahead of His Inauguration
Analysis Company: Spot ETF Excitement May Occur in a Surprise Altcoin in 2025! – No ETF Application Has Been Made to Date!
Wintermute analysts said that in 2025, a fundamental asset manager will launch a memecoin ETF.
VIPBitget VIP Weekly Research Insights
The U.S. 10-Year Treasury yield has been rising recently, with the U.S. Dollar Index surpassing the 110 mark. The upcoming release of CPI data and the uncertainty surrounding Trump's inauguration next week could further heighten market volatility. Risk aversion is evident in the market, as global risk assets have shown sluggish performance. In this environment of tense market sentiment and impending macroeconomic data releases, we recommend that investors reduce leverage, manage risks carefully, and set aside funds for potential buying opportunities. This edition highlights some of Bitget's token launch promotions and on-chain Earn products based on USDT/USDC, BTC, and SOL, offering investors a wider range of options.
Cardano’s 22% Weekly Surge Locks in the $1 Key Zone
Cardano (ADA) has broken out of a symmetrical triangle with a 22% surge, pushing above the critical $1 resistance. Bullish indicators suggest more upside potential, but a failed retest could send prices lower.
Trending news
MoreCrypto prices
More
