Robinhood Dumps Cardano, Polygon, and Solana 🏹

GM. This is Degen Scoop with your daily fill of crypto updates. It’s Monday, let’s go:

• Robinhood Dumps Cardano, Polygon, and Solana 🏹

• Crypto.com Cuts Off Americans 🇺🇸

• Bitcoin Dominance At Local Highs 💪

• Whale Moves 🐋

• Threads You CAN’T Miss 🧵

Robinhood Removes ‘Unregistered Securities’ $ADA, $MATIC, and $SOL

There are more fires coming from the Coinbase and Binance lawsuits. In these lawsuits, the SEC alleges that Cardano, Polygon, and Solana are all unregistered securities amongst other tokens. In light of that, Robinhood will end trading of these tokens effective on June 27, 2023. Users may either withdraw or sell these assets for fiat in the meantime.

This news caused each of the tokens to take a hit as fear struck investors looking to avoid further losses. Robinhood still offers trading access to a number of tokens in its offering, but these three will cease trading in ~2 weeks from today. If you have Robinhood, be sure to check if you have exposure and act accordingly.

Crypto.com is Ending Service for Americans Amid SEC Scrutiny

On Friday, the Singaporean exchange made the announcement that they would be terminating service to Americans effective June 21, 2023. Officially, the exchange is shuttering services due to “limited demand from institutions” which is expected during a bear market as demand wanes.

This move is more than likely a result of the Coinbase and Binance lawsuits which continue to burden the crypto market in indirect manners. Until regulatory clarity is provided by the SEC, it’s unlikely that large crypto companies will attempt to access American capital. Unfortunately, the Binance and Coinbase lawsuits will take time to play out in the courts and obtain the much needed regulatory clarity.

Bitcoin Dominance Sees Highest Levels in Over A Year

In bear markets, alts usually take the most damage. Capital either leaves the crypto markets or gets concentrated in majors such as Bitcoin and Ethereum. We are seeing this happen firsthand as the weeks pass. Let’s take a look at the hard numbers:

Bitcoin dominance has been on a notable uptrend since late 2022. Ethereum continues to chip away at Bitcoin dominance while it offers users greater usecases. Bitcoin sits at 47.5% dominance with Ethereum holding a respectable 20% in these dire times. Investors show their trust by holding 2/3 of crypto market capitalization between these two tokens.

Notable NFT Sales in the Last 24 Hours / Over the Weekend:

Notable Threads You May Have Missed:

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Conclusion

Touch grass, hit the gym, and don’t forget about what’s really important outside of magical internet coins.

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DISCLAIMER: This newsletter does not constitute financial advice. This is strictly educational and should not be used to make any financial decisions. Be responsible and do proper due diligence before aping.