Polygon (MATIC) recently broke below the crucial support level at $0.5 and is at risk of further price declines. This price drop is thanks to several traders who offloaded their tokens as soon as Polygon reached this support level amid the downtrend in the broader crypto market. Polygon Faces Significant Selling Pressure The Exchange-Onchain Market Depth indicator on the market intelligence platform IntoTheBlock shows that Polygon is currently facing significant selling pressure. Over 90 million tokens were sold after the coin hit $0.5. This indicator tracks the order books of the top 20 exchanges and shows the average price at which traders are looking to buy and sell the token. Related Reading: Market Experts Update Ethereum Predictions: Is A 1,400% Rally To $50,000 Possible? Polygon bulls could not defend the crucial support level of $0.5 as further data from IntoTheBlock shows that just over 55 million tokens were bought at an average bid price of $0.49. Meanwhile, Polygon is at risk of further price declines, with data from IntoTheBlock showing that the sell orders continue to outweigh the buy orders. The silver lining amid this wave of sell-offs is that Polygon whales look to have maintained their confidence in the MATIC token and have taken advantage of this price dip to accumulate more tokens. Data from IntoTheBlock shows that large holders’ net flows have increased by over 1,700% in the last seven days, indicating accumulation among these investors. Only 3% of Polygon holders are currently in the money, which could lead to further price drops for the crypto token. If the crypto token doesn’t rebound soon enough, the 96% of investors currently at a loss could cut their losses at some point, thereby triggering another wave of sell-offs for MATIC. Thanks to its bearish price action, Polygon recently dropped out of the top 20 crypto rankings by market cap. Data from CoinMarketCap shows that it is currently the twenty-first largest crypto token by market cap, behind Litecoin. Market Conditions Not Making It Easier For MATIC The current conditions in the broader crypto market have also contributed to Polygon’s recent decline. Bitcoin recently dropped to as low as $63,500 from $69,000, dragging altcoins down in the process. Tokens like MATIC have suffered more significant price drops because of their strong positive price correlation with Bitcoin. Related Reading: Why Did This Crypto Whale Spend $400 Million Buying Bitcoin Yesterday? The flagship crypto has experienced this price decline thanks to the rising tensions in the Middle East, with Iran and Israel at the forefront. However, the market is expected to pick up again soon enough, meaning that tokens like MATIC could enjoy a massive rebound sooner rather than later. The first goal will be for the crypto token to reclaim the crucial support level at $0.5. At the time of writing, Polygon is trading at around $0.48, down almost 2% in the last 24 hours, according to data from CoinMarketCap. Featured image created with Dall.E, chart from Tradingview.com
A weak report will likely bolster Fed rate-cut expectations and potentially support risk assets, including bitcoin.
Facing liquidity challenges and security exploits, Kujira plans to establish an Operational DAO to stabilize its ecosystem.
Crypto exchange Bybit is ending operations in France due to recent regulatory issues, according to an Aug. 1 statement. Bybit attributed this move to new regulatory developments from the French regulator, hinting at licensing issues. The exchange expressed hope for a return to the French market once it secures the necessary licenses. It stated: “We […]
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The Ether price has declined 10% since the approval of spot Ether ETFs, with open interest depreciating by over $250 million over the past 24 hours.
Cathie Wood’s investment company ARK sold a total of 69,069 COIN shares worth $14.8 million on Thursday, the biggest single-day sale since May 7. The divestment means the company sold more Coinbase shares on the first day of August than in the previous two months combined. It sold $2.88 million of the shares in June …
The cryptocurrency market continues to stumble as Bitcoin price continues hovering close to its $64,000 mark. Moreover, top altcoins have displayed a similar price trend by losing significant value to their respective portfolios. However, mid-cap altcoins have recorded increased bullish price sentiment, highlighting an increase in the buying-over-selling pressure for these crypto tokens in the …
After opening August with a bearish outlook, Bitcoin’s (BTC) price continued to bleed in the past 24 hours. The flagship coin had slipped more than 2 percent to trade at about $63,981 on Friday during the early European session. The altcoin industry followed the same trend, pushing the total crypto cap to around $2.39 trillion. …
Despite Grayscale’s Ethereum Trust experiencing cumulative outflows exceeding $2 billion, daily net inflows into U.S. spot Ethereum ETFs have turned positive. Many crypto analysts believe that Ethereum ETF will soon follow the Bitcoin path. Here’s what you need to know. BlackRock’s ETHA ETF Shows Positive Momentum Spot Ether ETF flows have been erratic this week, …
The Presumptive Democratic U.S. presidential nominee cannot afford to cede crypto to Donald Trump and luring crypto voters and donations away could "make a difference in key battleground states," OMFIF wrote.
As the meme and AI tokens are on a sloping hill, the supply surge in Bitcoin and Ethereum fuels the FUD run. Amid the scarcity of bullish momentum, the AIOZ price trend struggled to sustain the uphill journey. With a potential relief in the coming days, the AIOZ token could prolong the breakout run. So, …
The August 1 ruling marks the conclusion of a protracted legal saga involving multiple appeals and judicial reversals on Kwon's extradition.
The altcoins that were highly susceptible to the top cryptos, specifically Bitcoin and Ethereum, appear to have become more independent. While the tokens within the top 10 like BTC, ETH, XRP, ADD, etc are displaying a huge possibility of heading towards lower support, other altcoins maintain acute strength and are fighting bearish heat. Therefore, the …
The outcome of the case could set a precedent, not just for Suno and Udio but for the broader AI and music industries.
The crypto industry and its regulations have become a decisive topic among US voters. As the November US Presidential elections get closer, American citizens continue to ask for clearer regulations and a more welcoming landscape in the country. Following Biden’s drop from the presidential rally, Vice President Kamala Harris became the principal nominee for the […]
Ripple vs. SEC: The wait continues! The highly anticipated closed-door meeting has been rescheduled to August 7th. Will this delay bring a settlement closer or further away? However, the XRP community eagerly anticipates Judge Analisa Torres’s final decision on the Ripple SEC lawsuit; some XRP community members believe the ruling may not significantly influence XRP’s …
Crypto exchange Coinbase has rejected claims that it breached campaign finance laws. Alleged violations On July 30, crypto researcher Molly White alleged that the crypto trading platform’s $25 million donation to Fairshake, a crypto Super Political Action Committee (PAC), might have violated campaign finance rules. According to the researcher, the donation occurred around a period […]
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GRT’s current situation mirrors the bearishness the broader market is experiencing. Today, the total market cap shows a percentage slip, due to the major cryptocurrencies returning to levels that investors can sustain. On the altcoin side, GRT is one of the tokens that were hit hard by the bears. Related Reading: Crypto Watch: Why Today’s FOMC Meeting Is The ‘Most Important Of Your Life’ According to CoinGecko, the token is down nearly 12% since last week, showing exaggerated losses in the face of continuous downward pressure. Although the token’s performance within the market leaves much to be desired, The Graph devs are brewing something around the corner that might turn the tide. More Web3 Data To Be Serviced By The Graph The Graph recently released a blog post about their plans to introduce new tools for indexers, further building up the platform’s capability to handle data. They are introducing two specialized tools to help grow the platform’s ecosystem namely Firehose and Substreams. The upgrade is part of their New Era roadmap, a path that was laid in late 2023, providing developers, users, and investors a transparent look at where The Graph is headed. The two new tools provide different levels of data stream to indexers. Firehose will provide real-time data which enhances “the immediacy and responsiveness of blockchain data access.” It’ll help apps access data quickly, reducing latency thus improving user experience. On the other hand, Substreams is more accurate, giving developers the ability to pick and choose the data needed for their applications. This will improve data retrieval as their systems won’t need to scour the database for its specific data needs. The two tools will serve the platform’s data servicing niche, providing developers the flexibility of choosing whether they want a real-time stream of data or a select, more specialized access to specified data sets. This improvement would largely benefit the platform’s push to grow its artificial intelligence base. Last May, the platform announced the deployment of Agentc, a “ChatGPT-like tool” built on top of The Graph’s Uniswap data. More Pain Ahead? More pain around the corner awaits investors with the bears having a chokehold of the GRT market. With the major cryptocurrencies also struggling to keep their ground within more suitable levels, the altcoin market will fall more within the early weeks of the month. Related Reading: Render Continues To Flash Red In All Timeframes – What’s Going On? The grip GRT bears have on the market will last as long as market conditions continue to favor selling. A breakthrough on $0.1715 line will make the situation much worse which might turn the situation into a firesale. GRT bulls should then attempt to hold on to this line as any further gains by the bears will mean a possible reversion back to mid-February levels. Featured image from Asia Crypto Today, chart from TradingView
Bitfarms CEO Ben Gagnon said that the company earned 62% more Bitcoin since the Bitcoin halving event in April.
Coinbase revenue beat Wall Street analysts' expectations, while profit came in lower than the consensus.
Peter Brandt shared an alarming forecast for XRP, emphasizing a potential decline against Bitcoin. Specifically, he identified a multi-year complex head-and-shoulders pattern forming on the XRP/BTC chart. He said that if the chart breaks the ‘neck,’ or lower support line in other words, it could signal a 97.5% drop, which is significant, which will cause …
The massive Bitcoin holdings of MicroStrategy have surged to 226,500 BTC. Earlier today, Saylor took to X to announce that the company had acquired an additional 169 BTC for $11.4 million this July. The current value of its Bitcoin holdings has surpassed $14.5 billion. In a follow-up social media post, Saylor stressed that the Bitcoin …
For the moment, only bitcoin and ether can be traded, while the company works on "expanding our crypto offerings in the near future."
According to crypto analytics platform Santiment, XRP is currently experiencing its strongest bullish sentiment in 14 months. Traders keep a close eye on the token after its Bollinger Bands became the tightest they have ever been. This indicates that an explosive price move could soon be coming up. Moreover, Scott Melker recently predicted that XRP …
With the price of Bitcoin hovering close to its $64,000 mark, memecoins are losing momentum and have recorded a significant correction in the respective portfolios over the past few days. However, this has created a good entry point for investors to stack more altcoins at a discounted price as the crypto market is on the …
Despite increased selling pressure within the cryptocurrency market, the FTX price has recorded a bullish price action since the week started. This indicates an increase in the buying-over-selling pressure for the altcoin in the crypto space. Further, with questions like “How high will FTX go?” and “What’s the future of FTX Coin?” will FTT price …
In a busy start to August, Ripple has made headlines by moving a massive 1 billion XRP and unlocking 500 million tokens from escrow. This significant activity has come at a time when XRP’s price has slipped below $0.58, sparking both curiosity and concern among investors. Ripple’s Monthly 1 Bln XRP Unlock Blockchain payment project …
The market dynamics are changing every day. Some of the tokens are receiving huge traders’ attention and are displaying huge volatility, while others maintain a silent & stagnant trend. Many within the top 10 like BinanceCoin (BNB), Cardano (ADA), Toncoin (TON), etc have been trading without much noise but within a narrow range. Besides, altcoins …
Quick Take Bitcoin Farside data reveals inflows into the Bitcoin exchange-traded funds (ETFs) on Aug. 1 with the overall net inflow being $50.6 million. Grayscale BTC, the more affordable option at 15 basis points, attracted a substantial $191.1 million inflow. Conversely, the pricier GBTC, at 150 basis points, experienced an outflow of $71.3 million, contributing […]
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Four years ago, MicroStrategy co-founder and Chairman Michael Saylor, turned to Bitcoin as a way to invest the company’s excess cash rather than traditional assets like short-term Treasuries. This decision has transformed the software firm into the largest corporate holder of the largest cryptocurrency on the market, with a Bitcoin stockpile now worth nearly $15 […]