MATIC sets for a rally as Polygon Foundation confirms the migration date
Polygon (MATIC) price has broken above a falling wedge pattern, indicating a shift in market structure from bearish to bullish. The Polygon Foundation officially announced on Thursday that September 4 is the migration date for MATIC to POL. On-chain data reveals a significant increase in daily active addresses, the highest recorded this year, signaling a forthcoming bullish momentum.
Top 10 crypto market movers as Bitcoin and Ethereum hold steady ahead of $1.8 billion options expiry
Bitcoin and Ethereum options worth approximately $1.79 billion are expiring on Friday, per Deribit data. Market-moving events from the week include a $230 million hack on the Indian exchange WazirX, Fantom Foundation’s collaboration with Alchemy, Manta Network and BONK’s reward opportunities for traders, among other updates.
No rush in crypto
The crypto market cap fell 1% in 24 hours to $2.36 trillion, in line with the US market's losses during that time. The pullback in traditional finances explains why Bitcoin is dragging the overall crypto market down. Bitcoin is losing 1.3%, Ethereum 0.5%, and the top altcoins are changing between -4.7% (XRP) and 2.8% (Solana).
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ALT, WLD, ENA, ID set for $200 million token unlocks next week
The circulating supply of ALT, WLD and ID will see a hike next week, with over $200 million unlocks in sight. All tokens involved in upcoming unlocks are up in the past 24 hours. ALT will see the highest unlock share, with $115 million worth of new tokens entering circulation.
Why these altcoins may not rise despite Ethereum ETF impact
Altcoins market cap against Ethereum has been on a multi-year decline. Ethereum has outperformed several altcoins despite wider market assumptions that they provide leveraged exposure to its price. 2x long ETH could yield better results than purchasing altcoins ahead of the Ethereum ETF launch, said analyst.
Institutions anticipate potential Tuesday Ethereum ETF launch after making strategic moves
Grayscale lowered its Ethereum Mini Trust fees to 0.15% in a bid to reduce potential outflows from ETHE when ETH ETFs go live. Galaxy Digital increased its staked Ethereum assets to $3.3 billion after acquiring CryptoManufaktur, reveals CoinDesk.
Binance to begin investing customer fiat funds in US Treasuries
Binance received court approval on Friday, allowing it to invest certain customers' fiat funds in US Treasury bills. Following the announcement, the BNB token saw a 5% rise as crypto community members debated the potential impact of this approval on Ethena's USDe token.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.