Bitcoin Defends $20,000 Amid Heightened Volatility, Polygon Soars 25% (Market Watch)


The cryptocurrency market went through another volatile trading day after the Fed Chairman’s latest comments, but BTC managed to stay above $20,000. Most altcoins also saw gains, while MATIC stole the show with a massive 25% increase.

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 intensified at this point and did not allow any further declines. On the contrary, 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.

After breaking the news, bitcoin started falling and falling below $20,000, but that was short-lived. Currently, the asset sits above this line and its market capitalization is close to $400 billion.

BTCUSD. Source: Trading View

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 price drop.

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

MATIC is above all

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

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

Solana is up over 7% and is trading north of $35. Shiba Inu is among the biggest gainers, after another 9% jump. Therefore, 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 earnings 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.

Presentation of the cryptocurrency market.  Source: Quantify Cryptography
Presentation of the cryptocurrency market. Source: Quantify Cryptography

Altcoin/Industry News

Uniswap announced yesterday that it will acquire Ethereum-based NFT aggregator Genie to integrate such assets onto its platform.

After admitting massive exposure to struggling hedge fund 3AC, Voyager Digital said it received a $500 million credit facility loan from Alameda.

The dominance of all stablecoins combined, even after the fall of the UST, reached a new all-time high.


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Cryptocurrency charts by TradingView.


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