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Robinhood to Face Class Action Suit Over Halting Meme Stock Trading

A U.S. District Court Judge ruled that Robinhood must go through with a lawsuit that complains of market manipulation relating to the meme stock rally that took place last year.

The post Robinhood to Face Class Action Suit Over Halting Meme Stock Trading appeared first on BeInCrypto.

A U.S. District Court Judge ruled that Robinhood must go through with a lawsuit that complains of market manipulation relating to the meme stock rally that took place last year.

U.S. District Court Judge Cecilia Altonaga from the Miami court has ruled that trading platform Robinhood must go through with a lawsuit related to several stocks from the meme stock rally last year. Robinhood must not face the claims that it carried out market manipulation when it temporarily halted customers from buying certain stocks in early 2021.

Those stocks include GameStop and AMC, both of which were at the heart of the meme stock frenzy that took place in 2021. Retail traders purchased the stock in droves, leading to a massive boost in price. The trading platform then restricted the trading of the stocks, much to the anger of the traders.

Robinhood and others imposed restrictions on the buying of the stocks, with the trading platform carrying out multiple actions as it faced a deluge of buys. The case was the start of a suite of negative headlines for the company which has seen its stock price dwindle since the peak price in August 2021.

Judge Altonaga has also cast aside claims from retail investors that Robinhood was negligent and breached its duty, as well as the claim that Robinhood conspired to put a stop to a short squeeze. Meanwhile, the company says that it believes that the actions it took were “appropriate and necessary.”

Robinhood experiencing some tough times

Robinhood has not had the most stellar 2022, with several notable developments taking place. The platform had to cut its workforce by 23% this quarter, while its crypto trading unit was fined $30 million in a landmark case.

Meanwhile, there have been rumors that FTX was considering acquiring the exchange. CEO Sam Bankman-Fried denied these rumors, though he himself has a 7.6% stake in Robinhood.

Still aiming to grow

While times have been tough for Robinhood, it has been focusing on expanding its business. It plans to launch a non-custodial wallet, which would pit it against giants Coinbase and MetaMask. It also plans to integrate U.K. crypto company Ziglu, which would prepare it for an expansion into Europe.

Robinhood seems to be fighting off the struggles it has been facing. However, the lawsuit will be closely watched and could result in a ruling that deals another blow to a company that has been trying to pick itself back up since last year.

The post Robinhood to Face Class Action Suit Over Halting Meme Stock Trading appeared first on BeInCrypto.

Source: Markets – BeInCrypto

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9 Out of the Top 12 Crypto Assets Are Down 70% to 90% Lower Than the All-Time Highs Recorded Last Year

9 Out of the Top 12 Crypto Assets Are Down 70% to 90% Lower Than the All-Time Highs Recorded Last Year274 days or roughly nine months ago, the crypto economy was worth $2.34 trillion and at $967 billion the aggregate value of all 13,192 crypto assets is $1.48 trillion less. Most of the top digital currencies tapped an all-time price high in November 2021 and today, a great majority of the top crypto assets are […]

9 Out of the Top 12 Crypto Assets Are Down 70% to 90% Lower Than the All-Time Highs Recorded Last Year

274 days or roughly nine months ago, the crypto economy was worth $2.34 trillion and at $967 billion the aggregate value of all 13,192 crypto assets is $1.48 trillion less. Most of the top digital currencies tapped an all-time price high in November 2021 and today, a great majority of the top crypto assets are down between 70% to 90% in value against the U.S. dollar.

9 Out of 12 Crypto Assets Have Lost Significant Value Since Last Year’s Price Highs

It’s almost a year later since the world’s top crypto assets tapped all-time highs in 2021, and a great number of digital currencies have lost considerable value. The following is a look at the top crypto assets by market capitalization, in order to see how much USD value each coin has lost.

The leading crypto asset by market valuation bitcoin (BTC) is currently trading for prices between $19,078 to $19,377 per unit during the last 24 hours. Bitcoin is down today, 72.1% lower in USD value than the all-time high ($69,044 per unit) printed on November 10, 2021.

Ethereum (ETH), the second-largest crypto coin by market cap, is trading at prices between $1,289 to $1,317 per unit on Sunday. ETH has lost 73.2% in USD value since reaching an all-time high (ATH) of $4,878 per unit on the same day as BTC’s ATH.

The top ten crypto asset positions have two stablecoins in the third and fourth positions in terms of today’s crypto market caps, which include USDT and USDC. BNB is the fifth largest crypto asset and today’s 24-hour price range has been between $279 to $286 per BNB. The crypto asset BNB has lost 58.3% from the crypto’s ATH posted on May 10, 2021.

At the time last year, BNB was exchanging hands for $686 per unit that day. The crypto asset xrp (XRP) did not reach a lifetime price high in 2021, as XRP’s ATH was recorded on January 7, 2018. XRP has been trading for prices between $0.45 to $0.47 per unit on Sunday, and the price is down 86.4% lower than the ATH recorded four years ago.

The seventh position in the top ten crypto market caps today is occupied by the stablecoin BUSD. The eighth largest crypto asset is cardano (ADA), which is exchanging hands today for $0.42 to $0.43 per unit. ADA has lost 86.1% in USD value since September 2, 2021, back when ADA reached an ATH of $3.09 per unit.

Solana (SOL) is trading for $32.31 to $33 per SOL on October 2, 2022, and since the $259 per coin ATH on November 06, 2021, 11 months ago, SOL is down 87.4%. The tenth largest crypto asset is the meme coin dogecoin (DOGE), which has traded for $0.059 to $0.0609 per unit. DOGE has lost 91.8% since the ATH recorded on May 8, 2021, when dogecoin reached $0.731 per DOGE over a year ago.

The eleventh largest crypto asset polkadot (DOT) is trading for $6.20 to $6.32 per DOT. Roughly 11 months ago on November 4, 2021, DOT was 88.5% higher in USD value at $54.98 per DOT. Lastly, the twelfth largest crypto asset by market valuation, shiba inu (SHIB) is swapping for $0.00001094 to $0.00001122 per unit. SHIB has lost around 87.1% in value against the U.S. dollar after it was trading for $0.00008616 on October 28, 2021.

What do you think about the top 12 crypto asset market caps and how much they have lost since their all-time price highs? Let us know what you think about this subject in the comments section below.

Source: Markets and Prices Archives – Bitcoin News

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