- The price of Bitcoin
dropped to $25,456. BTC’s daily loss is more than 3%.
- MATIC, the 12th largest cryptocurrency by market value, fell more than 25% today.
- Crypto trading company Cumberland deposited 9 million MATIC worth over $6.3 million to Binance and 5 million MATIC worth $3.5 million to Coinbase.
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MATIC stood out in today’s sharp drop in the cryptocurrency market. Suspected Polygon transfers may have caused the sharp drop.
Price Dropped After MATIC Transfers
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Today’s drop in Bitcoin deeply affected the entire cryptocurrency market. The price of Bitcoin dropped to $25,456. BTC’s daily loss is more than 3%. In addition, sharp drops were seen in altcoins today, with Polygon (MATIC) standing out. MATIC, the 12th largest cryptocurrency by market value, fell more than 25% today.
In particular, crypto trading company Cumberland deposited 9 million MATIC worth over $6.3 million to Binance and 5 million MATIC worth $3.5 million to Coinbase. Cumberland also invested a total of $9.4 million in a crypto wallet related to Jump Trading and Robinhood.
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These investments were made just before an almost 30% drop in Polygon and were likely sold on crypto exchanges. This not only caused a drop in Polygon tokens, but also caused Cardano (ADA) and Solana (SOL) tokens to drop up to 25% in the last 24 hours. Investors need to be aware of the volatile nature of the cryptocurrency market and be careful when making investment decisions.
These tokens were likely affected after being claimed as securities in numerous SEC filings against Binance and Coinbase this week. This highlights the increasing scrutiny and regulation of cryptocurrencies by government agencies. Therefore, investors should be aware of regulatory developments and take appropriate measures to mitigate risks.
The sudden movement of millions of dollars worth of MATIC tokens by major market makers contributed to the sharp drop in not only MATIC tokens, but also other cryptocurrencies. This news emphasizes the importance of being careful and knowledgeable when investing in cryptocurrencies, especially given the current regulatory environment. Investors should be cautious and do their own research before making any investment decisions.