Category Archives: Allgemein

Polygon’s [MATIC] Price Surges 10% as DeFi Protocols Drive On-Chain Growth

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• Polygon’s [MATIC] price surged by 10% at press time due to its increasing adoption.
• The scaling solution surpassed Ethereum [ETH] in daily active users, hitting more than 344k users.
• Polygon’s on-chain growth is driven by its expanding DeFi protocols such as Quickswap and Uniswap V3, which have recorded steady growth in unique active wallets (UAW) and transaction volume.

Polygon, the scaling solution, has been continuing its fantastic 2023 with its price rallying by over 10% at press time. The increased adoption was also reflected in the daily active users, where Polygon surpassed Ethereum [ETH] to hit more than 344k users at press time. This is a remarkable feat considering the fact that the crypto market analyst revealed this figure just a day ago on 26 January.

WOW @0xPolygon just overtook Ethereum in daily active users @sandeepnailwal imagine being bearish on $MATIC 🔥 pic.twitter.com/MgqXDqgK8e — Zack 🔺 Chief Alpha Officer (@btc_zack) January 26, 2023

Polygon’s on-chain growth could have got solid impetus from its expanding DeFi protocols. While the total value locked (TVL) of bigger chains fell over the last 24 hours, the TVL across Polygon recorded a jump of 1.13% to hit $1.19 billion. Alongside this, popular protocols such as Quickswap and Uniswap V3 saw steady growth in unique active wallets (UAW) and transaction volume. As per data from Dapp Radar, Uniswap’s volume surged by 60% over the past week while the number of active users across both the dApps rose marginally. Gains Network, another DeFi protocol built on Polygon, has also created quite a flutter with its performance of late.

In addition to this, the Polygon community has been actively pushing for more liquidity to enter the ecosystem. Polygon has been working hard to make its network more accessible to users and developers alike. The team has been actively pushing for more liquidity to enter the ecosystem. The team has also been working on launching staking solutions and bridge projects to other networks in order to increase the network’s usability even further.

As the DeFi protocols continue to drive the growth of Polygon’s network, the MATIC token has been benefitting from this surge in adoption. The bullish surge experienced since the start of 2023 saw MATIC almost reversing the FTX-induced losses. With the team working hard to make the network even more accessible and user-friendly, it looks like MATIC will have a great 2023.

MATIC Bulls Set to Take Advantage of Market Dips: $0.91-$0.95 Resistance

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• MATIC/USDT on TradingView saw a bullish breaker from early December 2022, with strong support at $0.92.
• Bitcoin [BTC] is currently trading near the $21.2k and $20.8k levels, which could cause a dip below $20.8k and drag the altcoin market lower.
• MATIC traders could take advantage of the market dip, as the $0.91-$0.95 area acted as stern resistance in December and the 50% retracement level lies near $1.

Polygon’s native token, MATIC, has seen a sharp rally since September, rising from $0.69 to $1.3. The 12-hour chart for MATIC/USDT on TradingView showed a bullish breaker from early December 2022, with strong support at $0.92. The breaker was formed from the area highlighted in cyan which previously acted as stern resistance. This area was further bolstered by the 50% retracement level, which lies near the psychological, round number level of $1.

At the same time, Bitcoin [BTC] is currently trading near the $21.2k and $20.8k levels. A dip below this could see BTC revisit the $20k mark and drag the altcoin market lower. This scenario would be ideal for MATIC traders, as it would provide a good risk-to-reward buying opportunity.

Overall, the higher timeframe market structure was bullish and traders could look for pullbacks to buy. MATIC traders could take advantage of the market dip, as the $0.91-$0.95 area acted as stern resistance in December and the 50% retracement level lies near $1. Altcoins across the market saw lower timeframe selling pressure and retraced a minor amount of the gains they have noted over the past two weeks. Polygon’s [MATIC] native token was one such on the price chart. With the confluence of horizontal support, breaker, and Fibonacci levels, MATIC could be in for further upward momentum.

Crypto Insider Trading Nets 10 Months in Prison for Nikhil Wahi

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• Nikhil Wahi, the brother of a former Coinbase manager, was sentenced to 10 months in prison for cryptocurrency insider trading.
• The case was first detected by a Twitter user named Cobie, who noticed an Ethereum address that had purchased tokens prior to the official announcement.
• The U.S Attorney General Damian Williams commented that the sentencing makes clear that the cryptocurrency markets are not lawless and that there are real consequences to illegal insider trading.

A man identified as Nikhil Wahi has been sentenced to prison for cryptocurrency insider trading by the United States Department of Justice. Wahi was charged with committing the crime in July 2022 alongside two other individuals.

This is the first sentencing related to a crypto insider trading case. Wahi traded in cryptocurrencies based on the information he received from his brother – Ishan Wahi, a former Coinbase product manager. According to the press release, Wahi pleaded guilty to conspiracy to commit wire fraud.

The case of insider trading was first detected by a Twitter user named Cobie. This drew the attention of the Federal Bureau of Investigation (FBI). Cobie had detected an Ethereum address that had purchased „hundreds of thousands of dollars of tokens“ that was going to be listed on Coinbase. Additionally, the purchase had taken place exactly 24 hours prior to the official announcement.

Once this came to light, Coinbase launched an official investigation and held a meeting with its team. Post this, Ishan Wahi tried to flee the country and tipped off his brother and friend about the investigation. However, law enforcement authorities stopped the attempt before he could board the plane. The investigation conducted by the FBI had revealed that Nikhil Wahi had purchased cryptocurrencies on the basis of the information he received from his brother.

As a result of this crime, Nikhil Wahi was sentenced to 10 months in prison. U.S Attorney General Damian Williams also commented on this situation, saying that “insider trading creates the impression that everything is rigged and that only people with secret advantages can make a real buck. Today’s sentence makes clear that the cryptocurrency markets are not lawless. There are real consequences to illegal insider trading.”

The sentencing of Nikhil Wahi marks the first instance of a real-life consequence for crypto insider trading. This case serves as a reminder to all involved in the cryptocurrency space that insider trading is illegal and will not be tolerated. It also serves as a reminder to be vigilant and to report any suspicious activities that one may come across.

Ethereum Ready to Surge Higher? Bulls Face Resistance at $1360

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• The market structure flipped bullish for Ethereum last week, with the altcoin giant noting gains of 15.5% in the past three weeks.
• Ethereum bulls face stern opposition at $1360, and Bitcoin also had a mountain to climb at $17.6k.
• A successful conquest could mean the rest of January could be bullish as well, with a daily session close above $1370 being the first sign of a move higher to $1485.

The cryptocurrency market has been in a state of flux over the past few weeks, with Ethereum being no exception. Last week saw a bullish flip for the altcoin giant, with Ethereum noting gains of 15.5% over the past three weeks. At the time of writing, both Ethereum and Bitcoin traded close to significant resistance levels, with Ethereum reaching a month-long range high and a breakout not yet in sight.

Ethereum bulls face stern opposition at $1360, with a successful conquest potentially leading to a bullish January. Bitcoin also has a mountain to climb at $17.6k, and a successful breach of this level could mean a further surge in the cryptocurrency markets. Historically, Ethereum has traded within a range from $1350 and $1072 since November, and traders can look to trade within this range until a true breakout is seen.

The Relative Strength Index (RSI) was at 68 to show heavy bullish momentum, and the upward-sloping Accumulation/Distribution (A/D) line showed that genuine demand was driving the ETH rally. A daily session close above $1370 would be the first sign that buyers are expecting a move higher, towards the $1485 mark. However, until this scenario materializes, traders can look to trade within the range itself.

Overall, the cryptocurrency market is showing signs of bullish intent, with Ethereum leading the way. If the key resistance levels of $1360 and $17.6k are breached, the rest of January could be bullish for the crypto markets. Until then, traders can look to trade within the current range, and breakout traders can wait for a true breakout to occur.