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Crypto market is seeing a massive red day again with many top cryptocurrencies seeing a drop of almost 15% to 25%. The development happened after Robinhood; the US Stock Trading app has decided to delist 3 top crypto coins after SEC named them as Securities in a lawsuit against Coinbase. The delisting will happen after June 27 and it includes coins like Polygon (Matic), Solana (SOL) and Cardano (ADA).

Robinhood said in a statement that investors will be able to withdraw their tokens from exchange and transfer somewhere else till 27th June. After that, all of their tokens will be sold immediately on market price and converted to fiat in their accounts.

This delisting news led to a sharp decline in altcoin prices over the weekend with Matic leading downward trend of 30% in a few hours. Following the trend, ADA and Solana also dropped almost 26%.

Amid the news of lawsuits and delisting, crypto markets are showing tremendous weakness making situation a bit tacky for crypto investors. Recently it all started with SEC initiating a lawsuit against Binance and it created volatility in market.

Despite all red candles on altcoins, weekend does not look too shabby for Bitcoin with only price drop of 4%. Bitcoin dominance has significantly increased up to 49% as altcoins are dropping sharply.

Below is the price impact of top ten cryptocurrency for this week.

Bitcoin:

Despite all the lawsuits and delisting happening in crypto market, some crypto assets shown great resilience specially Bitcoin which only dropped 4% while other coins were plummeting significantly.

Ethereum:

Ethereum is also doing fine with only 6% decline after latest market news.

BNB:

BNB (Binance Chain) coins has been plummeting since the SEC suing Binance. The price has dropped from $308 to $230 in the last week.

XRP:

The Ripple coin has been moderately affected with price drop of 12%.

Cardano:

Cardano (ADA) is pretty shaken up after the delisting news and dropped almost 26%. Although IOG, the Cardano development company has dismissed the notion that ADA is a security.

Dodge:

Dodge, the meme coin regularly advocated by Elon Musk is down 14% which does not look very shabby compared to other coins on the market.

Tron:

Justin Sun’s TRX (Tron) coin has been trading in red candles with overall drop of 12%.

Solana:

Solana (SOL) token after delisting news from Robinhood is also dropped almost 26%. Although Solana Foundation has thoroughly dismissed the claims made by SEC that SOL is a security. The foundation stated, last Thursday, that it is a community driven project which is absolutely based on decentralized engagement from developers and users.

LTC:

Litecoin (LTC) is also 13% down at the moment of writing.

Matic:

Polygon’s Matic is down almost 30% after news of delisting from Robinhood. Although the assets has previously been doing well in the bear market as compared to other assets but the news has been pretty shocking for Matic investors creating trickledown effect across markets.

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