Crypto Braces for $24 Billion Earthquake After SEC Bomb Hits Bitcoin and Ethereum Price

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BitcoinBTC, Ethereum and other major cryptocurrencies have been hit hard by a devastating punch from US regulators with rumors of an “alliance” to destroy the crypto.

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Bitcoin’s price has fallen to levels not seen since March, even as stocks soar ahead of an expected ‘powder keg’ from the Federal Reserve, driving the price of Ethereum lower after the Securities and Exchange Commission (SEC) sued first Binance and then Coinbase, two of them. the largest crypto exchanges in the world.

Now, as the market waits for another bombshell from the SEC, crypto traders are scrambling to adjust their portfolios before many major cryptocurrencies are “delisted” from some major trading platforms after the coins were flagged. unrecorded titles.

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MORE FORBESA Secret ‘Alliance To Destroy Crypto’ By ‘Usurping Congress’-Key Elon Musk Ally Fans Wild Rumor That Wreaked Havoc With The Price Of Bitcoin And EthereumBy Billy Bambrough

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Late last week, popular trading app Robinhood announced that it would end support for the three major cryptocurrencies cardano, matic, and solana from June 27. “We regularly review the crypto we offer on Robinhood,” the company said without attributing a reason for the decision. Robinhood’s crypto trading volume fell 43% in May to $2.1 billion, it reported this week.

Meanwhile, trading platform eToro has announced that it will drop support for small cryptocurrencies algorand, decentraland and dash as well as matic from July 12. The cryptocurrencies to be removed from the two exchanges have a combined value of around $24 billion.

“We are committed to working closely with regulators around the world to shape the future of the crypto industry and champion access for the everyday investor,” eToro said on Twitter.

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Bitcoin price suffered an almighty crash last year, wiping trillions of dollars from the… [+] combined bitcoin, ethereum and crypto market.

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“The SEC legal battle against Binance and Coinbase has created a ripple effect where other US virtual asset service providers have begun to halt certain services and remove certain trading pairs for fear of legal action. from the SEC,” said Tokyo-based bitcoin and crypto market analyst Yuya Hasegawa. based on Bitbank, wrote in an emailed note.

“In particular, the decision by Robihoods on Friday to withdraw cardano, polygone and solana had a noticeable impact on the prices of these tokens and some other altcoins. Bitcoin was also affected, but its decline was limited compared to others and the price was supported by its February high Bitcoin held up relatively well as the majority of altcoins suffered huge losses last week, but this is in a potentially quite precarious week as more bad news could arise at any time regarding the SEC’s legal action, and the broader financial markets prepare to [the looming Fed interest rate decision].”

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