ADA, SOL Underperform as Robinhood Gets Set to Delist Them Amid SEC Crackdown

Bitget App

Trade smarter

Bitget

News

Markets

ADA, SOL Underperform as Robinhood Gets Set to Delist Them Amid SEC Crackdown

Coindesk2023/06/27 16:53

By:Helene Braun

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.

PoolX: Locked for new tokens.

APR up to 10%. Always on, always get airdrop.

Lock now!

The Trump family's World Liberty Financial has recently made frequent investments in high-quality crypto assets, reflecting strong confidence in the future of the crypto industry. With Trump successfully elected as President and preparing to take office, his previously pro-crypto statements, if implemented, could further drive the growth of the crypto sector. Meanwhile, the projects selected by World Liberty Financial boast strong fundamentals and promising growth potential, positioning them as key players in the crypto space that stand to benefit from the industry's continued expansion.

Bitget•2024/12/20 06:26