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The bitcoin price has fallen to lows not seen since March, even as stocks soar ahead of an expected Federal Reserve “powder keg,” dragging down the ethereum price after the Securities and Exchange Commission (SEC) sued first Binance and then Coinbase, two of the world’s largest crypto exchanges.
Now, as the market awaits another SEC bombshell, crypto traders are scrambling to adjust their portfolios ahead of many major cryptocurrencies being “delisted” from some big trading platforms after the coins were branded unregistered securities.
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The bitcoin and crypto market has been rocked by recent regulatory action, with many expecting … [+]
Late last week, popular trading app Robinhood said it would be ending support for cardano, matic, and solana—three top ten cryptocurrencies—from June 27. “We regularly review the crypto we offer on Robinhood,” the company said without attributing a reason to the decision. Robinhood’s crypto trading volume fell 43% in May, to $2.1 billion, it reported this week.
Meanwhile, trading platform eToro has said it will remove support for smaller cryptocurrencies algorand, decentraland, and dash as well as matic from July 12. The cryptocurrencies slated for removal from the two exchanges have a combined value of around $24 billion.
“We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the ordinary investor,” eToro posted to Twitter.
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The bitcoin price suffered an almighty crash last year, wiping trillions of dollars from the … [+]
“The SEC’s legal battle against Binance and Coinbase has created a ripple effect where other U.S. virtual asset service providers began to halt certain services and delist some trading pairs out of concerns for SEC’s legal actions,” Yuya Hasegawa, bitcoin and crypto market analyst at Tokyo-based Bitbank, wrote in an emailed note.
“Particularly, Robihood’s decision on Friday to delist cardano, polygon, and solana had a noticeable impact on the prices of those tokens and some other altcoins. Bitcoin was, too, affected but its decline was limited compared to others and the price has been supported by its February high. Bitcoin has been holding it together relatively well while the majority of altcoins suffered huge losses last week, but it is in for a potentially quite precarious week as more bad news could come up anytime regarding SEC’s legal action, and the wider financial markets brace for [the looming Fed interest rate decision].”