Cardano, Solana, Polygon (MATIC) Under Selloff Pressure From Robinhood and Celsius
Cardano (ADA), Solana (Solana), and Polygon (MATIC) facing a much-anticipated selloff from Robinhood Markets and Celsius. Robinhood will sell these cryptocurrencies on June 27, while Celsius to liquidate its crypto holdings over a period of time starting July 1. Robinhood is also laying off around 150 employees, 7% of its workforce, due to reduced trading volume and better align the team structures.
Cardano, Solana, Polygon (MATIC) Selloff
After the US SEC lawsuits against Binance and Coinbase, Robinhood announced to end of support for Cardano (ADA), Polygon (MATIC), and Solana (SOL) on June 27, 2023 at 6:59 PM ET. The US SEC considering top cryptocurrencies Cardano (ADA), Polygon (MATIC), and Solana (SOL) as securities faced backlash from the crypto community.
Robinhood users have withdrawn or sold roughly half of their holdings over the last two weeks. It is estimated that Robinhood to sell $15 million of MATIC, $25 million of $25 million, and ADA worth $30 million.
Jump Trading, which manages crypto for Robinhood, will liquidate all remaining holdings immediately after 6:59 PM ET on June 27th. As per experts, options include selling it OTC, taking it onto their books, hedging on perps, and depositing to centralized exchanges.
In addition, Celsius will gradually liquidate crypto assets starting July 1. As per their filing, the firm hold $2.5 million worth of SOL, $26 million of ADA, and $60 million worth of MATIC.
Cardano, Solana, and MATIC are underperforming the market and its peers since the Robinhood and Celsius announcements earlier this month.
ADA price currently trades at $0.27, down 3% in the last 24hrs. Solana and Polygon (MATIC) prices trade at $16.46 and $0.65, dropping 3% and 1% in 24hrs.
Also Read: Why July Is Crucial For Ripple Vs SEC Lawsuit, XRP Price & Overall Crypto Market?
Robinhood Lays Off 7% Of the Workforce
According to a report by Wall Street Journal, Robinhood Markets is slashing 7% of its full-time staff. The layoff is expected to affect 150 employees — the online brokerage firm’s third round of layoffs in a year.
Robinhood continues to face troubles due to a decline in monthly active users and revenue. The fall in trading volumes and regulatory pressure have caused new issues for the online brokerage firm.
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