Bitcoin, the leading cryptocurrency, stabilized above $30,000, offering a respite for altcoins. Despite the severe decline of many altcoins due to recently filed securities lawsuits, some altcoins have managed to recover. However, others are still in a downtrend and appear to continue this trajectory.
London-based FinTech startup Revolut delivered unfortunate news for some altcoins. Joining the delisting trend in the United States, Revolut affected several altcoins in Europe.
Cardano (ADA), Polygon (MATIC), and Solana (SOL) are being delisted, according to a notice and email Revolut sent to its customers. This significant move comes from the company that emerged as a major institution since its founding in 2015 and announced cryptocurrency support in 2017, reaching a substantial volume. The platform has completely blocked purchases of ADA, MATIC, and SOL. Funds of these altcoins still held in accounts will be automatically sold, which poses a significant risk to users due to potential problems and uncertainties at the time of sale.
Revolut clarified that this move is not against the entire cryptocurrency sector. CEO Nikolay Storonsky said they would continue to support cryptocurrencies and will double their pace in this regard. The executive pointed to the fallout from the FTX crash and the ensuing lawsuits as factors accelerating this process.
The cryptocurrencies delisted by Revolut have recently taken other hits. ADA, MATIC, and SOL have already faced setbacks from platforms such as Robinhood and eToro. The SEC had classified these as securities, a significant factor behind the delisting decision.
ADA and MATIC recorded a 2.4% and 2.8% decline, respectively, over the past week after the bad news. SOL, however, showed signs of recovery after hitting the bottom, gaining 6.6% within the same period.
