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MATIC Price Forms New Highs

Polygon (Matic) price in recent days stood strong despite a huge market correction, above $1. No doubt small pullbacks below $1 were also a part of the rally, yet it bounced off well to regain the lost positions. 

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In a very surprising move, the matic price flipped the bearish trap and bounced from levels below $1.6 to the current levels above $2. Moreover, the intensified bull run showcases the price is self assured to hit the next resistance levels around $3 to $3.2.

matic jumping

Currently, Matic broke the upper resistance levels of the parallel channel and flew high above $2. Therefore, the next target to hit before the daily close is around $2.4 to $2.45 . Once these levels are achieved successfully, $3 is imminent.

Also Read: MATIC, BNB, LINK, and SUSHI Poised to Erupt Soon, Hints Analyst

Polygon Transactions More Cheaper Than Ethereum

It is a known fact that the gas fees are extremely high on Ethereum platform. Despite a couple of upgrades, the issue has yet to be fixed. And therefore many looked out for other options to get rid of the fees. 

However, the polygon network has emerged as one of the most cost effective platforms than Ethereum.

The above is the comparison of the transaction fees of a single day, where the polygon platform accounted for 275% less fees than that of Ethereum. Hence the growing ecosystem fuels the MATIC price rally which is poised to hit higher levels in coming days. 

Also Read: Theta Coin Price Rises High Despite A Bloodbath In Crypto Space

Naabiae Nenu-B is a Medical Health Student and an SEO Specialist dedicated to flushing the web off fake news and scam scandals. He aims at being "Africa's Best Leak and Review Blogger" and that's the unwavering stand of Xycinews Media.

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Tesla and Elon Musk’s Didn’t Sell Their Bitcoin Holdings, and They Won’t

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Tesla reported a $23 million impairment on its bitcoin holdings. This is because for the reason that is considered a list of assets. which means that under Generally Accepted Accounting Principles its value gets to be recorded at the smallest price bitcoin hit in the quarter.

It was in May which Musk announced that Tesla would no longer accept bitcoin for its products.And they made this decision because of environmental concerns over bitcoin mining’s use of coal and other fossil fuels. At the beginning f this month, however, Musk said bitcoin’s environmental profile is getting better and that Tesla would probably resume accepting bitcoin for its payments.

“The speculation that has ensued around our specific plans for cryptocurrencies is not true,”. That was a spokesperson idea.

Amazon has announced and flatly denied a British newspaper’s report that the e-commerce ghoul was planning to accept bitcoin (BTC, -3.52%) payments by the end of the year.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,”. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

City A.M., which is distributed for free on the London Underground published a report, quoted a single, unnamed “insider”. Nevertheless, many quoted it as one reason for the bitcoin price’s bounce back after dropping under $30,000 last week.

After that Bloomberg reported Amazon’s reluctance about using Bitcoin , the price started retracing some of the day’s gains. On the financial data provider’s flagship terminal, but promptly signal-boosted by ZeroHedge. As the spokesperson’s comment offers, Amazon is testing the situation.

Last week the company said it was looking to hire a “digital currency and blockchain product lead.”

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Bitcoin is in rally mode, Possible Trend Reversal on the Weekend

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Bitcoin has a very swingy and rally mode. It was representing its largest daily gain in six weeks. Since shorts covered positions over the weekend. The cryptocurrency was trading around $38,874 at time of this report and is up 14.5% over the past 24 hours. Sentiment changed and moved from excessive bearishness after a sharp correction in May and two months of stabilization between $30,000 and $40,000. Some of the analysts anticipate further upside and view the recent bounce as a trend reversal.

“We turned bullish last Wednesday but weren’t expecting the short squeeze to happen quite so soon,”. QCP Capital talked about in a Telegram chat. “We’ve been pleasantly surprised by how supported the market was after Wednesday and sentiment flipped decisively bullish into the weekend.”

“This move higher feels more like a bounce back into a neutral state after being overstretched to the downside below $30K,” QCP mentioned. “The real pain could be lurking from short gamma positions above the $40K level.”

“Bitcoin momentum is back, and incremental endorsements on Wall Street could easily be the catalyst to help prices rally towards the $45,000 level,”. It was Edward Moya’s saying, strategist at Oanda. Blockchain metrics are also representing positive signs for bitcoin.

“Bitcoin has slowly trickled back into the hands of longer-term holders throughout these months after the dramatic sell-off from all-time highs in May,” Sean Rooney said. He is the head of research at crypto asset manager Valkyrie Investments.

“Historically this trend of entities that hold long term does not reverse quickly, which will likely result in further advance in price as we move towards Q4,”. Rooney continued.

Pressure on stablecoins

The strong leap in bitcoin over the weekend happened as shorts covered positions. Hardly 2,000 short positions were liquidated over a two-hour period,. This data was according to data from CryptoQuant. The short-squeeze rally happened in spite of regulatory pressure surrounding stablecoins.

“The short order liquidation amount in the past hour reached $640 million, which is the largest single-day liquidation volume in more than two months,”. WuBlockchain in a tweeted that on Monday.

Bitcoin Price Range

A strike price of $40,000 represents the largest source of open interest for the upcoming bitcoin options expiry this Friday, which could be a source of volatility.

“BTC has been range bound between $28K-$43K and most expect an upside squeeze to occur on a break above $40K,”. Coinbase wrote about it in a newsletter to institutional clients on Saturday.

“But with overwriting strategies forced to settle on lower strikes ($35K-$38K), a sharp short-covering rally will likely begin from lower levels,”.  Coinbase also continued.

Investors dragged money out of digital-asset funds as bitcoin dropped under $30,000 last week. Based on a report published on Monday by CoinShares. Outflows accrued with negative sentiment that preceded a near-24% price jump in bitcoin over the past week.

On Monday’s crypto price rally ,bitcoin increased above $38,000. This could cheer digital-asset inflows because many investors have been on the sidelines since the sell-off in May.

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Altcoins’s Price Analyze in The Market

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USDT holds dollar peg: USDT has mostly kept its dollar peg since Bloomberg reported Monday that the U.S. Department of Justice is investigating Tether, issuer of the biggest stablecoin, for probable bank fraud. The token, which works as crucial plumbing for the $1.6 trillion crypto market. It traded at $1 for most of its record. However, past scares made it to lose parity with the greenback, but not permanently. In 2018, for example, USDT dropped to as low as 92 cents in the middle of concerns about its collateral and about Bitfinex. The crypto exchange that shares owners and managers with Tether. The reflex to the latest news is mild by comparison.

Altcoin rally:Bitcoin’s price surge at the beginning Monday headed to a rally in so-called altcoins. With aave (AAVE), chainlink (LINK) and bitcoin cash (BCH) notching double-digit percentage gains. Aave, an open-source and non-custodial protocol that performs on the Ethereum blockchain that allows users to lend and borrow a range of crypto assets. It has climbed 18% in the last 24 hours, based on professional annalists data. Chainlink, a decentralized oracle network, was trading at $19.17.It was representing a 14% gain in the last 24 hours. Bitcoin Cash, the blockchain that forked off Bitcoin in 2017, had a rise to 13%.

Uniswap Labs Limits Access to Some Tokens: Uniswap Labs is limiting availability to some tokens. It is including tokenized stocks and derivatives on the protocol interface that it backs up. However, the software development studio mentioned in a blog posting Friday. That news comes days after U.S. regulators’ announcement that they would scrutinize these types of decentralized finance (DeFi) products more and more. Uniswap quoted an “evolving regulatory landscape” in explaining its decision.

Pressure on stablecoins

The strong leap in bitcoin over the weekend happened as shorts covered positions. Hardly 2,000 short positions were liquidated over a two-hour period,. This data was according to data from CryptoQuant. The short-squeeze rally happened in spite of regulatory pressure surrounding stablecoins.

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Trending

  • bitcoinBitcoin (BTC) $ 40,034.00
  • bitcoinBitcoin (BTC) $ 40,034.00
  • ethereumEthereum (ETH) $ 2,294.96
  • ethereumEthereum (ETH) $ 2,294.96
  • tetherTether (USDT) $ 1.00
  • tetherTether (USDT) $ 1.00
  • binance-coinBinance Coin (BNB) $ 312.49
  • binance-coinBinance Coin (BNB) $ 312.49
  • cardanoCardano (ADA) $ 1.28
  • cardanoCardano (ADA) $ 1.28
  • xrpXRP (XRP) $ 0.642838
  • xrpXRP (XRP) $ 0.642838
  • usd-coinUSD Coin (USDC) $ 1.00
  • usd-coinUSD Coin (USDC) $ 1.00
  • dogecoinDogecoin (DOGE) $ 0.205816
  • dogecoinDogecoin (DOGE) $ 0.205816
  • polkadotPolkadot (DOT) $ 14.27
  • polkadotPolkadot (DOT) $ 14.27
  • binance-usdBinance USD (BUSD) $ 0.999847
  • binance-usdBinance USD (BUSD) $ 0.999847
  • uniswapUniswap (UNI) $ 18.89
  • uniswapUniswap (UNI) $ 18.89
  • bitcoin-cashBitcoin Cash (BCH) $ 499.65
  • bitcoin-cashBitcoin Cash (BCH) $ 499.65
  • litecoinLitecoin (LTC) $ 134.96
  • litecoinLitecoin (LTC) $ 134.96
  • chainlinkChainlink (LINK) $ 19.34
  • chainlinkChainlink (LINK) $ 19.34
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 39,818.00
  • wrapped-bitcoinWrapped Bitcoin (WBTC) $ 39,818.00
  • solanaSolana (SOL) $ 27.88
  • solanaSolana (SOL) $ 27.88
  • matic-networkPolygon (MATIC) $ 1.03
  • matic-networkPolygon (MATIC) $ 1.03
  • ethereum-classicEthereum Classic (ETC) $ 49.05
  • ethereum-classicEthereum Classic (ETC) $ 49.05
  • stellarStellar (XLM) $ 0.262078
  • stellarStellar (XLM) $ 0.262078
  • theta-tokenTheta Network (THETA) $ 6.05
  • theta-tokenTheta Network (THETA) $ 6.05
  • internet-computerInternet Computer (ICP) $ 42.40
  • internet-computerInternet Computer (ICP) $ 42.40
  • vechainVeChain (VET) $ 0.083228
  • vechainVeChain (VET) $ 0.083228
  • daiDai (DAI) $ 1.00
  • daiDai (DAI) $ 1.00
  • okbOKB (OKB) $ 18.52
  • okbOKB (OKB) $ 18.52
  • compound-usd-coincUSDC (CUSDC) $ 0.022118
  • compound-usd-coincUSDC (CUSDC) $ 0.022118
  • filecoinFilecoin (FIL) $ 49.93
  • filecoinFilecoin (FIL) $ 49.93
  • cdaicDAI (CDAI) $ 0.021579
  • cdaicDAI (CDAI) $ 0.021579
  • tronTRON (TRX) $ 0.060691
  • tronTRON (TRX) $ 0.060691
  • moneroMonero (XMR) $ 225.38
  • moneroMonero (XMR) $ 225.38
  • terra-lunaTerra (LUNA) $ 9.43
  • terra-lunaTerra (LUNA) $ 9.43
  • aaveAave (AAVE) $ 299.73
  • aaveAave (AAVE) $ 299.73
  • eosEOS (EOS) $ 3.76
  • eosEOS (EOS) $ 3.76
  • compound-ethercETH (CETH) $ 46.03
  • compound-ethercETH (CETH) $ 46.03
  • ftx-tokenFTX Token (FTT) $ 31.53
  • ftx-tokenFTX Token (FTT) $ 31.53
  • amp-tokenAmp (AMP) $ 0.069347
  • amp-tokenAmp (AMP) $ 0.069347
  • cosmosCosmos (ATOM) $ 11.54
  • cosmosCosmos (ATOM) $ 11.54
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.124471
  • crypto-com-chainCrypto.com Coin (CRO) $ 0.124471
  • shiba-inuShiba Inu (SHIB) $ 0.000006
  • shiba-inuShiba Inu (SHIB) $ 0.000006
  • pancakeswap-tokenPancakeSwap (CAKE) $ 14.83
  • pancakeswap-tokenPancakeSwap (CAKE) $ 14.83
  • leo-tokenLEO Token (LEO) $ 2.90
  • leo-tokenLEO Token (LEO) $ 2.90
  • algorandAlgorand (ALGO) $ 0.847891
  • algorandAlgorand (ALGO) $ 0.847891
  • the-graphThe Graph (GRT) $ 0.563318
  • the-graphThe Graph (GRT) $ 0.563318
  • axie-infinityAxie Infinity (AXS) $ 46.60
  • axie-infinityAxie Infinity (AXS) $ 46.60
  • celsius-degree-tokenCelsius Network (CEL) $ 6.02
  • celsius-degree-tokenCelsius Network (CEL) $ 6.02
  • klay-tokenKlaytn (KLAY) $ 1.02
  • klay-tokenKlaytn (KLAY) $ 1.02
  • bitcoin-svBitcoin SV (BSV) $ 133.14
  • bitcoin-svBitcoin SV (BSV) $ 133.14
  • makerMaker (MKR) $ 2,666.44
  • makerMaker (MKR) $ 2,666.44
  • tezosTezos (XTZ) $ 2.85
  • tezosTezos (XTZ) $ 2.85
  • neoNEO (NEO) $ 33.83
  • neoNEO (NEO) $ 33.83
  • iotaIOTA (MIOTA) $ 0.841535
  • iotaIOTA (MIOTA) $ 0.841535
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