As a seasoned analyst with a decade of experience in the volatile world of cryptocurrencies, I must say that Robinhood’s decision to re-list Solana (SOL), Cardano (ADA), and Ripple (XRP) is a strategic move that speaks volumes about their understanding of market dynamics. The timing couldn’t be better, given the recent speculation about potential shifts in SEC leadership and the subsequent changes in crypto market regulations.
As an analyst, I’m thrilled to announce that Robinhood has reinstated Solana (SOL) on its trading and investment platform, a decision that comes a year after its removal. Back then, users were compelled to sell their SOL holdings when the coin was worth around $16. However, the current value of Solana surpasses that figure significantly, with it now valued at over $216. This turn of events presents an exciting opportunity for those who had to sell last year and are considering re-entering the market.
This week, we’ve added Cardano (ADA) and Ripple (XRP) to our platform, increasing the number of available cryptocurrencies for our US users to a total of 19. As demand for these digital coins continues to rise, we’re excited to offer them to you.
On social media platform X, previously known as Twitter, numerous users displayed intense reactions towards the item’s relisting. One user expressed their resentment toward Robinhood by saying, “I will never forgive Robinhood for delisting SOL when it was priced at $16.
Robinhood initially disclosed that it would cease supporting Solana (SOL), Cardano (ADA), and Polygon (MATIC) starting from June 2023, following the U.S. Securities and Exchange Commission’s (SEC) classification of these cryptocurrencies as unregistered securities in legal actions against trading platforms Binance and Coinbase.
Users on Robinhood could trade these tokens until June 27, and any leftover holdings would then be liquidated at the current market value. Unfortunately, this restriction didn’t apply to transferring Solana (SOL) for users in New York, leading to additional annoyance.
The action taken by Robinhood to reinstate these digital currencies is likely due to recent fluctuations in the cryptocurrency market and speculations about a potential leadership shift within the Securities and Exchange Commission (SEC). Some members of the cryptocurrency community anticipate that if Gary Gensler steps down as SEC Chair, the regulations governing crypto assets could be altered.
Johann Kerbrat, who serves as General Manager at Robinhood Crypto, stated that the company is addressing customer requests for a wider variety of digital assets. “We’ve continually heard from our clients that they desire access to more digital assets, and we’re thrilled to keep growing our crypto selection,” Kerbrat clarified in a press statement.
Apart from refreshing the list of significant assets, Robinhood has also incorporated PEPE, a well-known meme cryptocurrency, which experienced a surge in value by more than 100% within just seven days.
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2024-11-14 18:12