Bitcoin (BTC) challenged three-month lows into June 10 as altcoins in particular felt the heat from United States regulatory pressure.

Altcoin bloodbath as exchanges reshape landscape

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD hitting $25,483 on the day, down over $1,200 from the previous day’s high.

While showing weakness, Bitcoin was spared the fate of major altcoins, which reacted strongly to delisting that accompanied U.S. legal action against major exchanges.

Trading app Robinhood announced that it would remove support for several cryptocurrencies named in the lawsuit against Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).

These subsequently hemorrhaged value, with both Cardano (ADA) and Solana (SOL) down nearly 25% in 24 hours at the time of writing.

“We regularly review the crypto we offer on Robinhood,” the firm stated on its website.

“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.”

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Author: William Suberg

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