The cryptocurrency market has fallen by 7% to below $1 trillion after Robinhood announced the delisting of “unregistered securities” tokens from its platform. The decline comes amid regulatory actions by the US Securities and Exchange Commission against major exchanges Binance and Coinbase. Bitcoin fell 3.75% to around $25,500, while Ether fell 6.9% to around $1,700.
Key points:
– Tokens deemed “unregistered securities” in SEC lawsuits were among the worst performers on June 10, including Cardano, Solana, and Polygon.
– Robinhood’s decision to delist SOL, ADA, and MATIC from its online trading platform beginning June 27 may have contributed to the market decline.
– Crypto.com suspended its institutional investment services in the US.
– The increase in the supply of Tether (USDT), the largest stablecoin by market capitalization, suggests that key stakeholders are still ready to boost crypto whenever the time is optimal for them.
– The crypto market cap has broken below its key long-term support of the 200-week exponential moving average (200-week EMA), which raises its downside prospects in 2023.