Revolut, a well-known digital investment bank, has surprised everyone with its recent announcement to discontinue support for three major cryptocurrencies. Cardano (ADA), Solana (SOL), and Polygon (MATIC). Esteemed crypto journalist Colin Wu first revealed this news, which came to light when Revolut emailed its U.S. users, informing them about the upcoming delisting.
While this decision may raise concerns initially, it’s crucial to note that it will only affect users in the United States. Revolut’s move is driven by the uncertain regulatory status of these tokens, as the Securities and Exchange Commission (SEC) considers them unregistered securities.
Interestingly, this decision aligns with similar actions by prominent centralized trading platforms like Robinhood, Bakkt, and eToro. Surprisingly, the announcement did not immediately impact the prices of Solana, ADA, and MATIC. These tokens are currently experiencing a 5% increase, benefiting from the overall market uptrend.
The long-term consequences of this decision deserve careful consideration. Removing these tokens from the market, particularly in regions where popular fintech services have many retail investors and significant capital, could have lasting effects on their widespread adoption.
While users in the United States may face setbacks, crypto enthusiasts from other parts of the world can still access and trade SOL, ADA, and MATIC on various alternative platforms. However, the extent of the impact resulting from being excluded from one of the largest markets remains uncertain and will require further observation.
Solana’s Astonishing Comeback: 17.5% Rally Despite Impending Delisting
In the past 24 hours, Solana (SOL) has demonstrated impressive performance, emerging as one of the top-performing projects. The token has witnessed a notable rally of 17.5% on the daily charts and 12.7% on the weekly charts.
Earlier this month, SOL faced a significant setback when the Securities and Exchange Commission (SEC) included it, along with Cardano (ADA), Polygon (MATIC), and others, in a lawsuit against Coinbase. The SEC categorized these tokens as “unregistered securities,” raising concerns about the regulatory landscape for prominent crypto projects, including SOL.
Despite these regulatory challenges, SOL seems to be bouncing back. Its recent rally coincides with the news of its delisting from Revolut, a European exchange and payments company. Revolut also removed Cardano (ADA) and Polygon (MATIC), which were among the tokens mentioned in the SEC lawsuit.
SOL’s impressive rally occurs simultaneously as its NFT support provider announces the decision to wind down its operations. The platform attributes this decision to challenging macroeconomic conditions. This development poses a significant setback for SOL’s overall development and ecosystem.
Bitcoin (BTC) is spearheading the ongoing upswing in the crypto market. The recent application for a Spot Bitcoin ETF by BlackRock has reignited positive investor sentiment in the market. As a result, other projects appear to be largely influenced by the movement of BTC, following its lead.
OKX, a well-known cryptocurrency exchange, has recently included Solana (SOL) in its “Dual Investment Structured Product.” This addition provides users with additional avenues to engage with the OKX ecosystem. The Dual Investment product enables users to enhance their profits by selecting a major cryptocurrency pair.
Users can receive payment in either cryptocurrency by purchasing or selling options contracts and subscribing to a Dual Investment product. The integration of Solana into OKX’s platform may have contributed to the positive sentiment surrounding SOL, particularly considering that other recent developments have been unfavorable for the project.
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