• The decision to end support for the tokens caused a $387 million wipeout from the crypto market.
• Several indicators revealed that ADA, SOL, and MATIC’s momentum were bearish.

The prices of Cardano [ADA], Polygon [MATIC], and Solana [SOL] tumbled in double-digit figures after Robinhood confirmed that it was delisting the tokens from its platform. 

Is your portfolio green? Check the Solana Profit Calculator

While the U.S. trading platform did not give cogent reasons for its decision, speculation went around that it was linked to the recent SEC “unregistered securities” tag. 

Unlike recently targeted exchanges like Binance [BNB] and Coinbase, Robinhood is duly regulated by the SEC. Hence, it could have been necessary to take such action. 

Regulatory fear leads traders to liquidation

In its statement, Robinhood noted that no other coins were affected. But holders of the ADA, SOL, and MATIC had until 27 June to stop transacting the tokens.

The exchange explained:

“We regularly review the crypto we offer on Robinhood. 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

Go to Source to See Full Article
Author: Victor Olanrewaju

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