U.Today - There has been a broad-based recovery in the trading volume of the trio of Cardano (ADA), Solana (SOL) and Polygon (MATIC), as well as the other 16 tokens by the United States Securities and Exchange Commission (SEC) as investment contracts. As first by Bloomberg, the overall share of trading volume in the crypto market by these coins has jumped by two percentage points to 13%.
The SEC indictment notably impacted these assets in no small measure, with as much as $20 billion erased from their combined market valuation. While the price growth of these tokens has not really recorded a very major upshoot since the negative labeling, they have largely maintained a resilience that lends promise across the board.
Per the Bloomberg report, the of these tokens on mainstream brokerage platforms like Robinhood (NASDAQ:HOOD) and eToro has had a limited impact on the trading volumes of these assets. The reasons attributed are not disconnected from the positive from Judge Analisa Torres, who noted that the coin is not in itself an investment contract.
With XRP currently in the clear, investors are now beginning to get more confident that the precedent may as well clear these digital currencies they bought on secondary markets.
Foreign Impact on ADA, SOL and MATIC
One of the major factors that also impacted the recovery of these indicted tokens is the fact that most maintained their embrace on foreign trading platforms.Notably, trading platforms operating from the U.S. where the SEC verdict impacts users account for just about 10% of the total crypto trading volume. With the ability of these coins to sustain their foothold offshore, their recovery has been considered inherently justified.
The broader market now accounts for the last straw that can finally lift these tokens from their year-to-date (YTD) lows, a trend that is hard to predict considering the many complexities in the industry at this time.