Tech

ADA, SOL, and MATIC tanks 10% each after Robinhood Delisted, will Others Follow?

06/10/2023
Bitcoin Ethereum News

Table of contents

  1. In its Binance lawsuit, other U.S. crypto-assets take a hit
  2. Polygon’s MATIC has provided another market bloodbath as it sinks 50%
The announcement stated that users of the commission-free trading app Robinhood will not be able to trade ADA, SOL, and MATIC. Dan Gallagher, the legitimate boss at Robinhood said that they are gauging their own crypto contributions following the SEC claim. Based on latest review it has been decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL). No other coins are affected and your crypto is still safe on Robinhood,” the exchange stated.

In its Binance lawsuit, other U.S. crypto-assets take a hit

In its Binance lawsuit, the federal securities regulator has mentioned 67 tokens that are securities. Cardano (ADA), Solana (SOL), and Polygon (MATIC) have seen their weekly losses rise to nearly 25% as a result of the recent price correction. Investor sentiment has been negatively impacted by the SEC’s actions regarding Coinbase and Binance. Due to the possibility that the SEC may visit them at any time, other American exchanges have also become watchful.

Polygon’s MATIC has provided another market bloodbath as it sinks 50%

Polygon’s MATIC has provided a breakdown below the primary support levels on the technical chart. From its previous yearly highs of around $1.56, MATIC has experienced a significant decline of more than 50%. The breakout of a long-term pennant structure sparked technical selling, which has made this decline even worse. Analysts are concerned that Polygon, Cardano, and Solana could suffer severely if the SEC prevails in its lawsuits against Binance and Coinbase. The network could suffer irreparably if Polygon is classified as a security by the SEC.

MATIC, SOL, and ADA may be restricted from trading in the world’s largest cryptocurrency market, the United States, in the event of this happening.

Source: https://www.cryptoknowmics.com/news/ada-sol-and-matic-tanks-10-each-after-robinhood-delisted-will-others-follow