Cardano, MATIC and Solana attempt to recover amidst exchange delisting and SEC crackdown
- Cardano, Polygon’s token MATIC and Solana were delisted by Bakkt crypto exchange on the grounds of unclear regulation.
- The exchange delisted these tokens amidst the SEC’s lawsuit against crypto exchange platforms, Binance and Coinbase.
- ADA, MATIC and SOL prices attempted to recover amidst the delisting and shifting sentiment among market participants.
Bakkt, a digital assets platform that runs an exchange and a crypto custodian service, delisted Cardano (ADA), Polygon (MATIC) and Solana (SOL) in light of recent events and the Securities and Exchange Commission’s (SEC) crackdown on cryptocurrencies.
The three altcoins are attempting recoveries from the recent decline in their prices.
Also read: Binance withdraws from the Netherlands amidst SEC lawsuit
Crypto exchange delists ADA, MATIC and SOL
The SEC’s regulatory clampdown on assets like ADA, MATIC and SOL resulted in the delisting of these tokens across exchanges and social trading platforms. Bakkt announced the delisting of ADA, MATIC and SOL on the grounds of unclear supervision.
The three tokens were delisted alongside Algorand (ALGO) and Decentraland (MANA). In the month of May, Bakkt delisted 25 cryptocurrencies and currently offers Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Shiba Inu (SHIB), Dogecoin (DOGE) and USDC (USD Coin).
Cardano price recovered 4.4% from its low of $0.2204 on June 13 to $0.2646 as of June 16. At the time of writing, the altcoin is trading at $0.2574 on Binance. The ADA recovery is likely fueled by the protocol’s decentralization plans and roadmap.
Polygon’s MATIC price is rallying in response to the recent partnership with Credit Suisse-backed Taurus and Deutsche Telekom. MATIC price recovered from its June 13 low of $0.5088 to $0.5735 at the time of writing.
SOL climbed to $14.99 from $12.85, its June 13 low. The Ethereum-killer altcoin is on track to wipe out its losses from last week and begin its recovery.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
