Today's market collapsed, and the trigger was because Robinhood officially announced that it would no longer support the token transactions of #SOL , #Matic and #ADA . This time, Robinhood was also cooperating with the recent SEC's regulatory measures. In addition, the platform's tone is to make a living from this, so it has to look at other people's faces. After all, as a two-in-one stock and cryptocurrency broker, the other party will be more difficult to regulate.
The three tokens targeted this time can also be said to be the leaders of altcoins, especially ADA. Whether or not Robinhood’s announcement constitutes an actual sell-off on the platform, it is bound to ignite panic. After all, the scale of Robinhood’s platform is there. For the three tokens listed, the stock of tokens on the platform is as high as more than 500 million US dollars.
This potential selling pressure has contributed to the decline of the market, especially altcoins. For ADA, the decline in 24 hours exceeded 30%.
In addition, this round of decline is also due to the temporary withdrawal of market maker Jump due to the influence of the platform, but this is temporary for the industry, and this notice will not be implemented immediately. Users have at least half a month to choose to withdraw money or force liquidation within the platform. I believe that most people will choose the former.
As for many people claiming that this is the "American version of 94", it is actually not that serious. The source of this incident lies in the dispute over "whether tokens are securities", but #BTC and some mainstream tokens are not included in this list, so there is still a big difference from "94".
My personal definition of this incident is that the SEC is just looking for trouble. I will not sort out the disputes between the SEC Chairman and #Binance here, you can find them with a simple search. In addition, before this, the US region has always restricted crypto trading, which is a semi-clearance state in itself, let alone a "big clearing";
The actual facts you should pay more attention to are:
Hong Kong is gradually opening up and is expected to support users to participate in secondary market transactions this year;
The implementation of the European MICA regulatory system has given the crypto industry a specific scope, which is more conducive to the long-term development of the industry;
Overall, it’s not a big problem. Cherish every memorable decline!