ADA and SOL underperform as Robinhood prepares to delist them due to SEC crackdown.
The cryptocurrencies Cardano (ADA) and Solana (SOL) experienced a greater decrease in value compared to the overall cryptocurrency market on Tuesday. This occurred just before the Robinhood trading app was scheduled to remove them from its platform on Tuesday at 6:59 p.m. ET.
On June 9, Robinhood announced that it would stop supporting ADA, SOL and MATIC on June 27, citing its “latest review.” This decision came shortly after the Securities and Exchange Commission (SEC) filed lawsuits against Binance and Coinbase, identifying the three tokens as securities.
According to blockchain data, ADA and SOL decreased by about 2.3% and 1.8%, respectively, in the past 24 hours, while the broader blockchain Market Index (CMI) increased by 0.6% in the same period. Polygon (MATIC), the native cryptocurrency of the Polygon Network, remained unchanged. Since Robinhood’s announcement on June 9, the prices of the three cryptocurrencies have dropped by more than 5%, while the CMI has increased by about 9% during the same period.
After Tuesday, Robinhood app users will be able to trade 15 different cryptocurrencies, including bitcoin (BTC), ether (ETH), dogecoin (DOGE), and avalanche (AVAX), which were not named as securities in the SEC’s lawsuits.
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Edited by Nelson Wang.
