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Polygon (MATIC) Back Below $1, Just a Healthy Correction? Polygon’s MATIC is back below the $1 price level. The asset appears to be retesting a multi-month range. MATIC’s recent price drop follows a market-wide correction. After a whirlwind run in recent weeks primarily led by excitement around inflows to spot Bitcoin ETFs and, most recently, the Ethereum Dencun upgrade, Polygon’s native token MATIC, like the rest of the crypto market, appears to be slowing its roll.  After running to yearly highs at $1.29 moments after the Dencun upgrade, the price of MATIC has tanked sharply and is trading below the $1 price point for the first time in two weeks. Could this be the beginning of a prolonged downturn, or is it just a healthy correction #HotTrends #MATIC

Polygon (MATIC) Back Below $1, Just a Healthy Correction?

Polygon’s MATIC is back below the $1 price level.

The asset appears to be retesting a multi-month range.

MATIC’s recent price drop follows a market-wide correction.

After a whirlwind run in recent weeks primarily led by excitement around inflows to spot Bitcoin ETFs and, most recently, the Ethereum Dencun upgrade, Polygon’s native token MATIC, like the rest of the crypto market, appears to be slowing its roll. 

After running to yearly highs at $1.29 moments after the Dencun upgrade, the price of MATIC has tanked sharply and is trading below the $1 price point for the first time in two weeks.

Could this be the beginning of a prolonged downturn, or is it just a healthy correction

#HotTrends #MATIC

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Polygon (MATIC) Retests the Range ..Price prediction for MATIC Over the past 24 hours, MATIC has tanked about 12.5% from highs of around $1.04 to lows of around $0.91, trading below the keenly watched $1 price point for the first time since March 5. At the time of writing, the asset remains below the $1 price point but has rebounded from the lows to trade around $0.95. How far this momentum can go remains to be seen. Still, the price action follows a TD sequential buy signal highlighted by prominent crypto analyst Ali Martinez on the asset’s 4-hour candle chart. Zooming out to focus on MATIC’s weekly candle chart shows that the asset is retesting the multi-month range between $0.75 and $1, which it broke out from at the end of February 2024.  How the current weekly candle closes will likely confirm whether the recent price drop is a healthy bull market correction or the beginning of a prolonged market downturn. A close of the candle above the range, signaling a rejection, could foreshadow a move to fresh highs after a clear retest. However, a close of the candle below the former range high could see MATIC’s price chart a path to lows to around $0.75. The fierce battle between bulls and bears could see MATIC’s price tightly range over the next few days as the market participants struggle for dominance.  #HotTrends
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#HotTrends BlackRock Unveils ‘BUIDL’ Tokenized Asset Fund on Ethereum—With $5 Million Buy-In ”We are focused on developing solutions in the digital assets space that help solve real problems for our clients,” the firm said. After leaving financial and crypto market watchers reading tea leaves to divine its next big move, investment titan BlackRock spilled the tea late Wednesday on its tokenized asset fund. Dubbed ‘BUIDL,’ it will be built on the Ethereum network and is the company's first tokenized fund issued on a public blockchain. The BlackRock USD Institutional Digital Liquidity Fund was first registered in the British Virgin Islands last year. “BUIDL will offer investors important benefits by enabling the issuance and trading of ownership on a blockchain, expanding investor access to on-chain offerings, providing instantaneous and transparent settlement, and allowing for transfers across platforms,” BlackRock said in its announcement.
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How Much Has the Ethereum Dencun Upgrade Cut Layer-2 Gas Fees? The Dencun upgrade has made gas fees on many Ethereum layer-2 networks near-zero. But it has yet to peel users away from the costly mainnet. Heralded by Ethereum developers as the technical milestone they’d been “dreaming of,” last week’s Dencun upgrade was supposed to forever alter the Ethereum ecosystem—by making transactions on its layer-2 networks exponentially cheaper and thus more accessible. One week later, how do things stand? On the whole, Dencun has delivered exactly as promised. Across layer-2 networks that have already integrated the software update, gas fees have plummeted to unprecedented lows, in most cases by over 90%. At writing, median transaction fees on layer-2 networks Arbitrum, Starknet, Optimism, and Optimism-based chains Base and Zora have all fallen to one cent or below, according to data from Dune and Ethereum analytics platform Grow The Pie. That’s a 91% to 95% drop in cost for each of those networks. #HotTrends #Arb #Eth #STRK
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BlackRock Launches Its First Tokenized Asset Fund on Ethereum BlackRock has announced its first tokenized asset fund called 'BUIDL,' which will be built on the Ethereum network. The fund aims to provide investors with benefits such as on-chain offerings, transparent settlement, and transfers across platforms. Bank of New York Mellon will serve as the custodian of the fund's assets, while Securitize Markets will act as the transfer agent. #HotTrends #ETH
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Hopes of a spot Ethereum ETF are further eroded as reports emerge that the SEC is investigating the Ethereum Foundation. A Wednesday report from Fortune revealed that the United States Securities and Exchange Commission (SEC) has opened an inquiry into the Ethereum Foundation. The report shows that the Wall Street top regulator is looking to classify the network’s native coin, ETH, as a security. A February 26th post on the Ethereum Foundation’s Github repository further confirms the investigation. According to the Swiss non-profit organization’s website, it is facing a voluntary inquiry from a state authority that includes a requirement for confidentiality. Ethereum Foundation Under the Microscope According to a person familiar with the situation, the SEC started investigating the Ethereum Foundation shortly after the Merge, an event that saw the network switch from Proof of Work (PoW) to Proof of Stake (PoS) in September 2022. The people familiar with the subpoena noted that the SEC saw the switch as an avenue to classify Ethereum as a security. The persons, who pleaded that they conceal their identities, further revealed that the US top regulator had sent the Swiss-based firm several investigative subpoenas in recent weeks. Notably, the Ethereum Foundation has gone against its commitment not to conceal any external investigation from state authorities. The footer on its website states thus: “The Ethereum Foundation (Stiftung Ethereum) has never been contacted by any agency anywhere in the world in a way which requires that contact not to be disclosed. Stiftung Ethereum will publicly disclose any sort of inquiry from government agencies that falls outside the scope of regular business operations.” The ongoing investigation might have hampered the hopes of the SEC approving a spot Ethereum exchange-traded funds (ETF) by the widely expected May 23. If the question of ETH being a security persists, the SEC will postpone or deny Ether ETF products. #HotTrends #ETH
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