DeFi News Daily Official TheBitTimes.com

Polygon (formerly known as MATIC, now as POL) has had a significant price drop over the last few months. The asset was among the top-ranked crypto projects by market cap but has since fallen to the 40th rank. POL (formerly MATIC) is down by 2.9% in the daily charts, 13.8% in the weekly charts, 28.9% in the 14-day charts, and nearly 8% over the previous month. Also Read: 2 BRICS Countries Advancing Towards Launching New Currency Source: CoinGecko Why Is The Asset Slumping? Source: Business Today While Polygon follows the general market downtrend, other factors have also affected its price. Also Read: What Did Tron’s Justin Sun Say About Shiba Inu’s Burn Mechanism? Polygon’s migration from MATIC to POL has presented significant headwinds. User activity has tanked, and large wallets have begun offloading their holdings. The drop in activity, coupled with the bearish market sentiment, has gravely affected the asset’s worth. Polygon Predicted To Hit $0.94 According to prominent c...

Until a day back, Bitcoin ETFs were the talk of the crypto town. Now, Europe gearing up to launch its first-ever spot BTC fund managed to re-ignite the spark. However, after the verdict in the SEC v. Ripple lawsuit was passed, the narrative shifted to how altcoins are not securities. Narrative just switched from 'spot BTC ETF' to 'altcoins aren't securities' — tedtalksmacro (@tedtalksmacro) July 13, 2023 Also Read: Europe: First Bitcoin ETF to Go Live After 1 Year Delay Leaving aside institutional sales, XRP was off the security hook. In recent lawsuits against Coinbase and Binance, the SEC deemed a host of other cryptos to be “securities.” The list included several top-ranked assets like MATIC, Solana, and Cardano. However, post the latest ruling, the community has started contending that “SEC cryptos,” with similar fundamentals, can also get away with the security label. In fact, right after XRP, the other three top altcoins on LunarCrus...