- 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.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch
Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers
Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins.
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction
Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs
The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot Exchange Traded Funds (ETFs) in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.