If You Invested $1,000 In Solana When Robinhood Removed The Cryptocurrency, Here's How Much You'd Have Now
Portfolio Pulse from Chris Katje
In June 2023, Robinhood Markets Inc (NASDAQ:HOOD) delisted Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), and Polygon (CRYPTO: MATIC) due to regulatory pressures. Since then, the value of these cryptocurrencies has risen, with Solana showing a return of 43.4% in less than a month. This outperformed Bitcoin, Ethereum, and the SPDR S&P 500 ETF (NYSE:SPY), which are down 4.0%, flat, and up 5.3% respectively over the same period.
July 24, 2023 | 9:10 pm
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Robinhood's decision to delist certain cryptocurrencies may have affected its reputation among crypto traders, but it's unclear how this has impacted its stock price.
While the delisting decision may have affected Robinhood's reputation among crypto traders, it's unclear how this has directly impacted its stock price. The company's stock price can be influenced by a variety of factors, including overall market conditions and company-specific news.
CONFIDENCE 75
IMPORTANCE 50
RELEVANCE 100
POSITIVE IMPACT
Since being delisted from Robinhood, Solana has seen a return of 43.4% in less than a month, outperforming other major cryptocurrencies and the S&P 500.
The delisting from Robinhood did not negatively impact Solana's price. Instead, it has seen significant growth, outperforming other major cryptocurrencies and the S&P 500. This suggests that Solana's price is more influenced by factors other than its availability on Robinhood.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
The SPDR S&P 500 ETF has seen a 5.3% increase over the same period that Solana has returned 43.4%.
The SPDR S&P 500 ETF's performance is not directly related to Robinhood's decision to delist certain cryptocurrencies. However, it's worth noting that Solana has significantly outperformed the ETF over the same period.
CONFIDENCE 90
IMPORTANCE 50
RELEVANCE 50