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Despite Revolut, a platform that provides numerous services, including banking and crypto trading, planning to delist Cardano (ADA), Solana (SOL), and Polygon (MATIC) from its trading platform in the United States by September 18, the three coins have started July firmly, bottoming up from June 2023 lows.
As an illustration, SOL is up roughly 50% from June 2023 lows when it had sunk to as low as $13. Meanwhile, ADA has soared 17% while MATIC is up 25% in the past two weeks, reading from the performance in the daily chart.
Cardano, Solana, Polygon Prices Firm
While their prices are relatively firm but in a bearish formation considering the sharp losses in June 2023, the three coins are still some of the most liquid in crypto. ADA, for instance, is perched at seventh, trailing XRP. The coin has a market capitalization of $10.2 billion and is in the top 10.
SOL is also at 10th in the market capitalization leaderboard with a market capitalization of $7.6 billion. On the other hand, MATIC is steady, in an uptrend, adding 6.3% in the last trading week. Polygon had a market capitalization of $6.5 billion when writing on July 3.
The cryptocurrencies that Revolut intends to delist have high liquidity and can be traded on major global exchanges such as Binance and KuCoin, even at their current valuations.
In an email, Revolut said clients in the United States would be barred from trading the three tokens and have to sell their assets by September 18. Specifically, Revolut cited shifting laws around cryptocurrencies in the United States. The email read in part:
Our US crypto services provider has decided to delist these tokens due to the changing laws and regulations around cryptocurrency in the US. Because of this, we’ll no longer be able to process your buy and sell orders for these tokens.
SEC Alleges ADA, SOL, And MATIC Are Unregistered Securities
While the United States Securities and Exchange Commission (SEC) cited SOL, ADA, MATIC, and other coins, including Algorand (ALGO), as examples of unregistered securities, forcing several providers in the country to remove them from their platforms.
Revolut also appears to be following in the steps of Baktt, a digital asset platform founded by Intercontinental Exchange (ICE). Days after the SEC’s comments, the platform said they would stop supporting the three coins mid-June.
While using Coinbase and Binance, the SEC alleged that several coins, including ADA, were unregistered securities, forcing sharp price contracts in the first half of June. In the United States, crypto assets classified as securities are subject to tighter regulatory requirements.
Feature image from Canva, chart from TradingView
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