Crypto prices of SOL, ADA, MATIC, and SHIB dropped by 20% overnight.

Several popular cryptocurrencies have experienced a loss of over 20% in their value overnight following the announcement by Robinhood, a prominent financial services company, that it would be delisting Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies from its platform on Friday.

“We regularly review the crypto we offer on Robinhood. Based on our latest review, we’ve decided to end support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27th, 2023 at 6:59 PM ET. No other coins are affected and your crypto is still safe on Robinhood,” the company said in a statement.

This news came as the cryptocurrencies were mentioned in recent US Securities and Exchange Commission (SEC) lawsuits filed on 5 and 6 June against the crypto exchanges Binance and Coinbase.

Binance’s native token BNB has since suffered a major blow, dipping by around 9.5% in the past 24 hours trading down to $236 as of 10 June 2023.

Investors worldwide are concerned that the SEC’s actions will have lasting impacts on the crypto markets.

While both lawsuits were quite different, the SEC is accusing both exchanges in securities law violations. Binance, as well as its CEO, Changpeng Zhao, and two other parties, are facing 13 charges, including defying regulators about the blockchain’s operations.

Meanwhile, the SEC’s accusations targeting Coinbase are claiming that the exchange is operating as an unregistered broker, clearing agency, and securities exchange.

In addition, blockchain data showed that whales related to the prominent exchange Robinhood have been quite active in recent hours, depositing 9.4 million MATIC tokens to a number of exchanges, tweets published by the crypto analytics platform Lookonchain noted.

Moreover, the platform added that the crypto asset trading company Cumberland has been depositing vast amounts of MATIC tokens to the two exchanges targeted by the SEC. Thus far, Cumberland has deposited 9 million MATIC coins to Binance and 5 million to Coinbase.

According to CoinMarketCap, ADA is down by 18.5%, SOL has dropped by 22.7%, MATIC has fallen by 25.5%, and SHIB has lost over 17% of its value, reaching $0.00000658 at the time of writing.

On a broader scale, flagship cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) are also caught in the ripple effect of this bear market. They’ve dipped by 3.48% and 5.55%, respectively, over the last 24 hours, underscoring the widespread volatility in the digital asset space.

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