In a recent report, Robinhood Markets Inc. revealed a staggering 68% decline in crypto trading compared to the previous year.
The mobile-focused brokerage firm disclosed that crypto trading volume in May 2023 amounted to approximately $2.1 billion, a significant drop from the $6.6 billion recorded in the same period last year.
Robinhood reported a 68% decrease in crypto trading activity compared to the previous year. The month-to-month comparison also revealed a substantial 43% decrease from April 2023 to May 2023.
Robinhood’s decision to delist cryptocurrencies Cardano, Polygon, and Solana followed the SEC’s assertion that these assets were securities. The agency’s charges against leading crypto exchanges, including Binance and Coinbase, influenced Robinhood’s move.
The delisting announcement caused a drop in the value of Solana, with its price falling from $22.23 to close to $15. Similarly, Polygon and Cardano experienced price declines.
SEC Chair Gary Gensler has emphasized the need for crypto firms to register with the agency. Gensler has engaged in constructive discussions with numerous crypto firms, emphasizing the importance of bringing their business models into compliance.
Coinbase, the largest US-based crypto exchange, revealed that it had been dismissed by the SEC after months of efforts to determine how to register and comply with regulatory requirements.
