Bitstamp exchange recently announced the listing of memecoin BONK, which resulted in a modest 2% increase for the token.
Bitstamp is one of the oldest cryptocurrency exchanges, announced BONK listing, a popular meme coin from the Solana blockchain. BONK/USD and BONK/EUR trading pairs are now available on the global platform, excluding the US and Singapore.
According to data from CoinGecKo, listing on Bitstamp only resulted in a modest 2% increase to the value of BONK, Completely low compared to the 19% increase when BONK was listed on the exchange in March.
Woof woof! $BONK is live on Bitstamp! 🐕 💥
Unleash the fun side of crypto and check out this popular #memecoin from @solana today.
Start trading: https://t.co/YpBdrdoOO4@bonk_inu pic.twitter.com/0dfsKNoqvc
— Bitstamp (@Bitstamp) June 20, 2024
This may be due to the ongoing regulatory challenges facing the cryptocurrency industry, as the U.S. Securities and Exchange Commission (SEC) recently condemned several tokens including Solana, as unregistered securities.
Additionally, the SEC also took multiple legal actions against major cryptocurrency exchanges such as Binance and Coinbase.
Despite these challenges, Robinhood remains optimistic about the cryptocurrency market and announced plans acquires Bitstamp for $200 million in cash. The deal was revealed to be expected to be completed in the first half of 2025.
JUST IN: Robinhood to acquire crypto exchange Bitstamp.
— Watcher.Guru (@WatcherGuru) June 6, 2024
According to brokerage firm Bernstein, this acquisition could significantly expand Robinhood’s cryptocurrency offerings, as Bitstamp currently lists more than 85 types of tokens, compared to Robinhood’s 15 tokens in the US and more than 30 in Europe.
Remarkable, Robinhood Crypto, a subsidiary of Robinhood, has received notice from the SEC, indicating that the regulatory agency intends to initiate a civil enforcement action against the company with alleged violation of the Securities Exchange Act of 1934.
Binance exchange announced that this Altcoin will support network upgrades
