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Three altcoins – Cardano (ADA), Solana (SOL), and Polygon (MATIC) – have entered a double-digit correction following 11-12% every. The promoting strain got here instantly following Robinhood’s announcement of delisting these three altcoins after the U.S. Securities and Exchange Commission named them as securities in its lawsuit in opposition to Binance.

Commission-free buying and selling app Robinhood made the announcement on Friday, June 9, stating that its customers gained’t be capable of commerce ADA, SOL, and MATIC from June 27 onwards. Dan Gallagher, the authorized chief at Robinhood mentioned that they’re weighing their very own crypto choices following the SEC lawsuit.

“Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. No other coins are affected and your crypto is still safe on Robinhood,” the alternate stated.

The federal securities regulator has talked about a complete of 67 tokens in its Binance lawsuit, which qualify as securities. With the latest worth correction, Cardano (ADA), Solana (SOL), and Polygon (MATIC), have prolonged their weekly losses to just about 25%.

Will Other Exchanges Follow Robinhood?

The SEC motion on Binance and Coinbase has definitely had a robust impression on the crypto market dampening investor sentiment. Other exchanges working within the United States have additionally turned vigilant with the potential of the SEC knocking at their doorways anytime forward.

On the technical chart, we will see that Polygon’s MATIC has given a breakdown beneath the foremost assist ranges. MATIC has skilled a major decline of over 50% from its earlier yearly highs of round $1.56. This decline has been additional exacerbated by technical promoting triggered by the breakout of a long-term pennant construction.

There are considerations amongst analysts that if the SEC efficiently wins its lawsuits in opposition to Binance and Coinbase, it might have extreme penalties for Polygon, Cardano, and Solana. The SEC’s classification of Polygon as a safety might doubtlessly be catastrophic for the community.

If this have been to occur, MATIC, SOL, and ADA might face limitations in buying and selling inside the United States, which is the world’s largest cryptocurrency market.

Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material might embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.