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Polygon price jumps 60% in four days amid 'pretty big' MATIC accumulation

Polygon (MATIC) took a break from its prevailing bearish course, posting one of the sharpest rebounds in the crypto market this week.

Notably, MATIC's price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe. 

MATIC/USD daily price chart. Source: TradingView

Nevertheless, MATIC is still down significantly from its December 2021 high of $2.92, coinciding with the overall crypto bear market and a hawkish Fed putting pressure on risk-on assets. 

MATIC "in a pretty big accumulation"

Meanwhile, some of its richest investors have been accumulating MATIC tokens despite the general downtrend, on-chain data suggests.

Notably, the so-called MATIC sharks and whales have been in accumulation, according to data provided by Santiment. That includes the tiers of Polygon token holders ranging from 10,000 to 10 million coins, which have "collectively added 8.7% more to their bags" since May 9.

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Market Analysis

Wire Network's new protocol aims to end Web3 interoperability woes

The protocol promises to eliminate complexities seen with existing interoperability solutions and requires no bridges or oracles to integrate.

Blockchain

Bybit enters into settlement agreement with Ontario Securities Commission

Bybit is currently holding listing discussions with the provincial regulator, and if the process fails, the firm will cease operations in Ontario.

Regulations

GitHub users respond with 'Bitcoin bill' idea to Gillibrand-Lummis bill

The senators seek comments from industry stakeholders, consumers and interested parties.

Regulations

Coinbase to shut down Coinbase Pro to merge trading services

Launched in 2018, Coinbase Pro is designed to feature unlimited trading volumes, supporting more than 250 cryptocurrencies.

Bitcoin

On the brink of recession: Can Bitcoin survive its first global economic crisis?

Bitcoin has not seen a full-blown recession since it was launched as a response to the 2008 global financial crisis.

Bitcoin

On the brink of recession: Can Bitcoin survive its first global economic crisis?

Bitcoin has not seen a full-blown recession since it was launched as a response to the 2008 global financial crisis.

Market Analysis

Crickets on day 1, but Proshares short Bitcoin ETF volume up 380% on day 2

A slow first day of trading on the short Bitcoin ETF may have been nothing but a slight hiccup in ProShares’ newest product as volumes grew on the second day.

Bitcoin

Crickets on day 1, but Proshares short Bitcoin ETF volume up 380% on day 2

A slow first day of trading on the short Bitcoin ETF may have been nothing but a slight hiccup in ProShares’ newest product as volumes grew on the second day.

Regulations

Nexo hires Citibank to advise on acquisitions during market turmoil

“We’re in this together” — Crypto lending platform Nexo has appointed Citibank to advise on acquisitions from struggling crypto firms.

Blockchain

Voyager’s 60% share price plunge leads sea of red for crypto stocks

VYGVF dropped as much as 60% during regular trading hours on June 22 before closing at $0.5998 to mark a drop of 50.84% for the day.

Blockchain

Binance U.S. makes BTC trading fee-free as competitors feel the heat

Brian Shroder, CEO of Binance.US, said the zero-trading fees would generate positive user sentiment and said there are plans to expand the list of tokens that will offer zero-fee trading in the future.

Bitcoin

DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms

Fees spiked to a high of $8.36 million for Uniswap on June 15, beating out Ethereum on the same day at $7.99 million, and coincided with an 8.7% pump for UNI.

Blockchain

China warns Bitcoin is heading to zero but BoE looks on the bright side

Official Chinese national news media outlet warns readers that Bitcoin could go to zero value in order to dissuade them from investing in and using cryptocurrency.

Bitcoin

‘Rush of radical rulemakings’ — Hester Peirce criticizes SEC agenda

Peirce has called for regulatory clarity around certain issues relating to crypto as part of the SEC Spring 2022 Regulatory Agenda, which was released on Wednesday.

Regulations

Meta set to begin testing NFTs on Instagram Stories with Spark AR

Earlier this week, Meta also announced it would join with other tech companies to create a Metaverse standards body.

Blockchain

Meta set to begin testing NFTs on Instagram Stories with Spark AR

Earlier this week, Meta also announced it would join with other tech companies to create a Metaverse standards body.

Ethereum

Canadian regulator takes enforcement actions against Bybit and KuCoin

“Bybit responded to the OSC’s enforcement action, maintained an open dialogue, provided requested information, and committed to engaging in registration discussions,” said the OSC.

Regulations

NFT, DeFi and crypto hacks abound — Here’s how to double up on wallet security

Falling prey to a fraudulent link can be devastating to one’s personal investment portfolio. Here are three ways a hard wallet can protect you.

Blockchain

NFT, DeFi and crypto hacks abound — Here’s how to double up on wallet security

The explosiveness and high dollar value of nonfungible tokens (NFTs) seem to either distract investors from upping their operational security to avoid exploits, or hackers are simply following the money and using very complex strategies to exploit collectors’ wallets.

At least, this was the case for me way back when after I fell for a classic message sent to me over Discord that caused me to slowly but all too quickly lose my most valuable assets.

Most of the scams on Discord occur in a very similar fashion where a hacker takes a roster of members on the server and then sends direct messages to them in hopes they will bite at the bait.

“It happens to the best of us,” are not the words you want to hear in relation to a hack. Here are the top three things I learned from my experience on how to double-up on security, starting with minimizing the use of a hot wallet and simply ignoring DM’d links

A quick crash course in hardware wallets

After my hack, I was immediately reminded and I cannot reiterate it enough, never share your seed phrase. No one should be asking for it. I also learned that I could no longer forego security at the privilege of convenience.

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