The cryptocurrency market has been hit hard with Bitcoin dropping to a three-month low of $25,483 on June 10, a significant decrease of over $1,200 from the previous day, according to data from Cointelegraph Markets Pro and TradingView. Despite this, Bitcoin has fared better than major altcoins, which have suffered severely from US regulatory scrutiny.
The recent legal action by the U.S. Securities and Exchange Commission (SEC) against leading exchanges, Coinbase and Binance, has resulted in certain altcoins being delisted. In response, Robinhood, a popular trading app, revealed it would cease support for several cryptocurrencies implicated in the lawsuit. These include Cardano, Polygon, and Solana, which are expected to be dropped on June 27th, 2023 at 6:59 PM ET.
The announcement sparked a notable decrease in the value of the affected cryptocurrencies, with Cardano and Solana recording a 25% loss in 24 hours. Robinhood justified this move stating it regularly reviews its crypto offerings, and the decision was based on the latest assessment.
Crypto.com CEO, Kris Marszalek, expressed that such delistings and regulatory pressures are part of the growth and maturation process of the crypto industry. He anticipates the sector will emerge stronger, despite the current challenges. The platform also revealed that it would stop its U.S. institutional trading service from June 21.
Michaël van de Poppe, CEO of trading firm Eight, highlighted the significant impact of these developments on the overall cryptocurrency market capitalization. If the total market cap drops below its 200-week moving average (MA), currently standing at nearly $26,400 for Bitcoin, it will indicate a clear bearish trend. Van de Poppe conveyed his concern to his Twitter followers, suggesting that the worst might be yet to come.
READ: Robinhood takes action amid SEC crypto lawsuit
