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The crypto market is down today after Robinhood announced delisting of "unregistered securities" tokens from its platform.
The cryptocurrency market fell 7% below $1 trillion on June 10, continuing its decline in the week that saw the industry's biggest exchanges, Binance and Coinbase, facing regulatory actions by the U.S. Securities and Exchange Commission (SEC).
Bitcoin, the leading cryptocurrency by market capitalization, dropped 3.75% to around $25,500. $1,743 fell 6.9% to around $1,700, its worst level in two months.
Nonetheless, the tokens deemed "unregistered securities" in the SEC lawsuits were among the worst performers on June 10. Namely, Cardano ADAtickers down$0.250, Solana SOLtickers down$15, and Polygon MATICtickers down$0.5677, which fell 22%, 25%, and 30% on the day, respectively.
What crashed the crypto market?
The crypto market's decline on June 10 appeared a day after Robinhood decided to delist SOL, ADA, and MATIC from its online trading platform beginning June 27, citing "a cloud of uncertainty around these assets" amid the SEC crackdown.
In addition, Crypto.com suspended its institutional investment services in the U.S.
Binance reportedly dumping $4.4 billion in crypto assets in recent weeks may have also contributed to downward price pressure with independent analyst Googly noting a substantial drop in the exchange's "proof-of-reserves."
Binance founder Changpeng Zhao, or "CZ," a co-accused in the SEC lawsuit, refuted the claims.
Meanwhile, the Bitcoin price drop caught bullish options traders by surprise liquidating long positions worth over $340 million in just 24 hours, according to Coinglass data.
addition, Crypto.com suspended its institutional investment services in the U.S.
Binance reportedly dumping $4.4 billion in crypto assets in recent weeks may have also contributed to downward price pressure with independent analyst Googly noting a substantial drop in the exchange's "proof-of-reserves."
Binance founder Changpeng Zhao, or "CZ," a co-accused in the SEC lawsuit, refuted the claims.
Meanwhile, the Bitcoin price drop caught bullish options traders by surprise liquidating long positions worth over $340 million in just 24 hours, according to Coinglass data.
Stablecoin supply data hints at buying ahead
The duration of the crypto market decline has coincided with an increase in the supply of Tether
, the largest stablecoin by market capitalization.
However, other top stablecoins, including USD Coin USD
and Binance USD BUSD
$1.00
, have decreased in market capitalization.