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 Stands Above $20K

The past weekend was one of BTC’s worst in terms of price movements as the asset plummeted to an 18-month low of $17,500. This came 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 spiked to north of $21,500 but failed at that point and retraced by around $1,000. Then came Fed Chair’s comments to US Congress, in which Powell said the central bank will continue raising interest rates to try to combat 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

By comparing the 2018 bear market with the current one, a popular crypto analyst said BTC’s bottom could be further below.

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 inverse Bitcoin 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 by 5% in a day and sits close to $225. ADA, XRP, DOT, and Dogecoin have also charted some 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 above all with a massive 25% price surge. As a result, the asset has risen 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 cap is up by around $30 billion in a day and stands above $900 billion now.

Altcoin/Industry News

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

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

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