Bitcoin Defends $20K Amid Enhanced Volatility, Polygon Skyrockets 25% (Market Watch)


The cryptocurrency market went through another volatile trading day following Fed Chair’s latest comments, but BTC managed to remain above $20,000. Most altcoins have also seen some gains, while MATIC has stolen the show with a massive 25% surge.

Bitcoin Surpasses $20,000

Last weekend was one of BTC’s worst in terms of price movements, with the asset dropping to an 18-month low of $17,500. This happened after losing almost 50% of its value in less than ten days.

However, the bulls stepped up at this point and didn’t allow any further declines. Just the opposite, they pushed the asset north, and bitcoin found itself trading above $20,000 on Monday.

It even climbed north of $21,500, but failed at that point and retreated around $1,000. Then came the Fed Chairman’s comments to the US Congress, in which Powell said the central bank would continue to raise interest rates in an attempt to fight inflation.

Upon delivering the news, bitcoin started dropping and dipped below $20,000, but that was short-lived. As of now, the asset stands above that line, and its market capitalization is close to $400 billion.

Notable Bitcoin News

Comparing the bear market of 2018 with the current market, a popular crypto analyst said that the bottom of BTC could be lower.

Arcane’s latest research showed that bitcoin miners had to sell all of their mined BTC in May to cope with the declining prices.

Michael Sonnenshein, the CEO of Grayscale, argued that the recently launched Bitcoin Inverted ETF is a good sign for the crypto industry.

MATIC Stands Above All

Ethereum continues with its fight to decisively reclaim $1,100. Yesterday, it dipped below that line, but a minor 2% increase on a daily scale has pushed the second-largest crypto to just over it.

BNB is up 5% in one day and sits near $225. ADA, XRP, DOT and Dogecoin also posted gains since yesterday.

Solana has increased by more than 7% and trades north of $35. Shiba Inu is among the most substantial gainers, following another 9% jump. Consequently, SHIB is now at $0.00001.

Nevertheless, MATIC stands out above all with a massive price increase of 25%. As a result, the asset rose to $0.5.

More daily gains come from Cosmos (15%), Enjin Coin (15%), Uniswap (13%), THORChain (13%), The Sandbox (12%), Storj (11%), and others.

The crypto market capitalization has increased by around $30 billion in one day and is now over $900 billion.


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