Boom: Robinhood Opens A Liquidation Of About $583M ADA, MATIC And SOL

Key Points:

  • Robinhood users holding ADA, MATIC, and SOL worth about $583 million, were forced to sell before June 27.
  • The action follows Robinhood’s delisting announcement in the face of a tough move by the SEC.
  • Three cryptocurrencies, Solana (SOL), Cardano (ADA), and Polygon (MATIC) are being hit hard because they were declared securities by the US SEC.
Robinhood users holding ADA, MATIC, and SOL worth about 583 million USD, forced to sell before June 27, could be one of the main reasons for the severe market decline in the next 3 weeks.

On June 8, cryptocurrency exchange Robinhood decided to discontinue support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023 at 6:59 p.m. ET. The remaining coins supported by Robinhood include: BTC, ETH, LTC, ETC, BSV, BCH, DOGE, SHIB, COMP, LINK, UNI, AVAX, XLM, USDC, XTZ, and AAVE.

The most likely reason for the delisting is because the three cryptocurrencies above appear on the list of cryptocurrencies accused by the SEC as securities in the lawsuit against Binance and Coinbase.

On the list of tokens denounced by the SEC as securities, there are Solana (SOL), Cardano (ADA), and Polygon (MATIC) that are allowed to be traded on the platform by Robinhood. However, a strict move from the SEC could cause Robinhood to delist these 3 tokens before getting into legal trouble.

It is also because of this that these 3 announcements are deep in the price drops. According to on-chain data, Robinhood’s recent delisting decision will sink the price of these 3 tokens for at least the next 3 weeks.

According to a post by crypto analyst Miles Deutscher on Twitter, currently, the value of 14 altcoins held by Robinhood users is around $1.3 billion (excluding BTC, ETH, and DOGE), in of which ADA, MATIC, and SOL are worth approximately US$583 million. These users need to sell before June 27, according to the delisting notice.

Besides, most traders on Robinhood keep fiat currencies in their brokerage accounts, not stablecoins, so it has the potential to affect market liquidity. s per previous news, altcoins in general, have plummeted today, and many currencies including SOL, ADA, MATIC, have dropped more than 20% In the last 24h.

Today’s Cryptocurrency Prices. Source: CoinMarketCap

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join us to keep track of news: https://linktr.ee/coincu

Foxy

Coincu News

Victor

Recent Posts

Bitcoin Trader Turned $100M in His 20s—Now Reveals 5 Altcoins to Build a $50M Portfolio, With Memecoins Leading the Way!

As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…

48 minutes ago

Which Crypto Will Explode in the 2024-2025 Bull Run?

With the crypto market reaching new peaks, many are eager to discover digital currencies poised…

54 minutes ago

Dogecoin and Shiba Inu Approach $1, but All Eyes Are on XYZVerse’s Push to $10!

XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…

1 hour ago

Will Bitcoin Crash or Soar Past $105K in 2024?

Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…

2 hours ago

The Best Crypto for Passive Income? 10% Weekly Gains and 20% Final Surge—Qubetics Mirrors Cosmos’ Early Success!

There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…

3 hours ago

Cosmos Developer Interchain Foundation Sold 3000 ETH Today

Cosmos Developer Interchain Foundation sold 3000 ETH from its ICO today, totaling 21,600 ETH sold…

4 hours ago

This website uses cookies.