2021-6-24 22:00 |
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Polygon price has slumped for two consecutive days, moving from a high of $0. 1860 on Saturday to the current $0. 1520. It has dropped by nearly 20% as investors booked profits after soaring by over 80% from its lowest level on January 1.
With traders eyeing the $90K floor and a potential short squeeze, all attention now shifts to Tuesday’s inflation print.
Chainalysis recorded $154 billion in illicit inflows, driven largely by sanctioned entities. Russia’s ruble-backed A7A5 token processed over $93. 3 billion in transactions within a year. Illicit transactions remain under 1% of total on-chain activity despite rapid growth.
Bitcoin price retreated to the important support level at $90,000 on Thursday, erasing most of the gains made in the initial days of the year. It has retreated by over 4% and continues to underperform other popular assets like gold and the stock market.
Wyoming has launched FRNT, the first stablecoin issued and backed by a US state government. The dollar-pegged token is fully backed by cash and Treasuries and managed by Franklin Templeton. Interest from reserves is directed to Wyoming public schools rather than token holders.
Long liquidations, cooling ETF flows, and macro uncertainty dragged Bitcoin below $92K, leaving markets on edge ahead of a critical data-heavy week.
Ubyx focuses on clearing and reconciling stablecoins issued by different providers. Barclays is prioritising regulated tokenised money rather than issuing its own stablecoin. The stablecoin market continues to be dominated by Tether, with most usage confined to crypto trading.