Bitstamp halts trading of Polygon, Solana as regulatory pressure mounts

• Bitstamp will halt MATIC and SOL buying and selling.
• The buying and selling quantity of each tokens stays regular as the worth dips by lower than 1%.

Polygon [MATIC] and Solana [SOL] have come below the scrutiny of the Safety and Trade Fee after the regulatory authority initiated authorized actions in opposition to Binance and Coinbase. The SEC has categorized these tokens as securities, prompting a response from an alternate.

Life like or not, right here’s MATIC market cap in BTC’s phrases

Polygon and Solana trades to be halted

Bitstamp, a cryptocurrency alternate, has lately determined to droop buying and selling for Polygon and Solana tokens. This suspension is about to take impact ranging from 29 August.

The rationale behind this motion stemmed from a latest announcement by the SEC, the place they declared MATIC, SOL, and an extra 66 cryptocurrencies to be categorized as securities. These 68 cryptocurrencies, together with MATIC and SOL, have grow to be topics of the SEC’s authorized actions following years of investigations and proceedings. 

The SEC has articulated its perspective on which cryptocurrencies it considers as securities. Polygon and Solana have been notably highlighted within the SEC’s lawsuits in opposition to Binance and Coinbase as tokens that the regulatory physique firmly asserted to be securities.

Polygon and Solana’s buying and selling halts restricted to U.S. customers

The noteworthy facet of Bitstamp’s latest announcement concerning the buying and selling halt of Polygon and Solana was that it solely utilized to customers inside the US. Customers residing in nations with dissimilar rules might proceed buying and selling these tokens with out restrictions. 

Nonetheless, the consequence of the SEC’s motion was that the buying and selling quantity contributed by U.S. customers of those tokens are anticipated to lower. This potential discount in US buying and selling exercise might affect MATIC and SOL’s worth trajectory and different important indicators.

Nonetheless, the affect of this latest improvement has but to be mirrored on market sentiment. In line with Coinglass’s funding fee, merchants maintained a bullish stance on the possible worth appreciation of MATIC and SOL. As of this writing, the funding fee for these property remained optimistic throughout varied exchanges.

Analyzing the reactions of MATIC and SOL

As of this writing, the every day timeframe chart indicated that MATIC was buying and selling with a minor loss. Its present buying and selling worth hovered round $0.68, reflecting a lower of lower than 1%.

Notably, over the previous few days, the token has exhibited restricted noteworthy actions in each upward and downward instructions. Additionally, the quantity indicator demonstrated a scarcity of considerable exercise. 

As of this writing, the noticed quantity ranges depicted normal buying and selling actions, surpassing the 1 million mark. There was additionally a higher inclination in direction of promoting strain in comparison with shopping for strain.

Supply: TradingView

Moreover, a bullish pattern was noticed on Solana’s every day timeframe chart. Whereas it was buying and selling at roughly $24.3, there was a minor lack of lower than 1%. Like Polygon, the quantity state of affairs was characterised by regular exercise ranges with out evident spikes or declines.

Supply: TradingView

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Contemplating these metrics, the fast response to the latest regulatory improvement gave the impression to be comparatively muted.

Nonetheless, the forthcoming weeks and months might result in shifts in response as extra exchanges enact commerce halts for U.S. customers, within the case of Polygon and Solana.