Dear Readers,

In an another interesting data that has been published, millions of Matic tokens were transferred to Binance and Coinbase before its crash over 30%.

The detailed news as follows:

Blockchain data indicates that significant amounts of polygon (MATIC), with a value in the millions, were seemingly transferred by prominent market makers Jump Trading and Cumberland to various cryptocurrency exchanges on Friday night.

Lookonchain, the noted analytics firm, revealed through multiple tweets on Saturday that Cumberland had deposited 9 million MATIC (equivalent to approximately $6.3 million) into Binance and 5 million MATIC (worth about $3.5 million) into Coinbase. Moreover, another crypto wallet linked to Cumberland, Jump Trading, and Robinhood contributed a combined total of 9.4 million MATIC to the crypto exchanges. These deposits were likely sold on the exchanges during a period of low liquidity, consequently leading to a sudden drop in the price of MATIC tokens.

Similar price fluctuations were observed in Cardano (ADA) and Solana (SOL) tokens, which experienced declines of up to 25% within the past 24 hours.

It is probable that these tokens were affected by recent allegations of being classified as securities in multiple filings against crypto exchanges Binance and Coinbase by the U.S. Securities and Exchange Commission (SEC).

There are news widespread that these cryptos are going to be delisted from Robinhood platform. 

We need to recall and compare the experience of XRP when SEC made a complaint against them in the year 2020. 

Consequently, Matrixport, a crypto services firm, noted in a communication to CoinDesk that further selling of major tokens can be anticipated over the weekend.

At the time of writing this article, MATIC which is Ranked 12th according to the marketcap- is trading at $0.5834  USD which is down by 25.94%. 

We could see the Crypto blood bath everywhere in the markets. The global crypto market cap today stands at $1.04 Trillion, which is down by 5.95% from yesterday.  BNB Coin down over 9%. BTC currently trades at 25640 USD, down by 3% in the last 24 hours. 

It is widely expected that all the altcoin may end in a crash as the trading volumes are thin with the crypto exchanges 

Have a close watch with the crypto movements before taking any important decisions of your investments!