Polygon (MATIC) Large Transactions Explode 742% Amid Latest SEC Attack

Christian Encila

2 years ago

3 mins read

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Polygon (MATIC) recently experienced a sudden surge in large transactions. These sizable movements of funds on the network have caught the attention of market observers, prompting speculation about the motives and actions of cryptocurrency whales.

The catalyst behind this flurry of activity appears to be the recent lawsuit filed by the US Securities and Exchange Commission (SEC) against Binance and Coinbase.

As regulatory uncertainties loom over the industry, the surge in large transactions on Polygon has become a key indicator of the strategies employed by these investors.

Surge In Large Transactions On Polygon Network Raises Speculation

Large transactions within the cryptocurrency market are often viewed as indicative of whales’ actions, serving as a glimpse into the strategies they are formulating.

According to IntoTheBlock, an on-chain analytics firm, large transactions are defined as those exceeding $100,000. The firm reports a notable surge in the volume of large transactions on the Polygon network, reaching $64.44 million, which represents a staggering 742% increase within the last 24 hours.

The surge in large transactions on Polygon occurs against the backdrop of a broader cryptocurrency market downturn. Following the SEC’s actions against the major crypto exchanges, most cryptocurrencies have experienced declines.

As regulatory uncertainties loom over the industry, market sentiment has been dampened, leading to widespread selling pressure and a decline in prices across various digital assets.

MATIC market cap currently at $7.4 billion. Chart: TradingView.com

As of the time of writing, Polygon’s native token, MATIC, is trading at $0.804240, based on CoinGecko data. Over the past 24 hours, MATIC has witnessed a 2.8% decline, while the past seven days have seen a notable slump of 9.6%.

Source: Coingecko

These downward price movements align with the broader market trend, further emphasizing the challenges faced by cryptocurrency investors amidst the regulatory landscape.

SEC Targets Coinbase Following Binance Lawsuit

In a sequence of regulatory actions, the SEC has filed a lawsuit against Coinbase, a prominent cryptocurrency exchange headquartered in San Francisco. The legal action comes just a day after the regulator sued Binance, one of the world’s largest crypto exchanges, for alleged securities violations.

According to the SEC’s statement released on Tuesday, the regulatory body accuses Coinbase of unlawfully facilitating the buying and selling of crypto asset securities, generating billions of dollars in revenue since at least 2019.

Coinbase’s alleged failures deprive investors of critical protections, including rulebooks that prevent fraud and manipulation, proper disclosure, safeguards against conflicts of interest, and routine inspection by the SEC. https://t.co/FwpdmENvoL

— Gary Gensler (@GaryGensler) June 6, 2023

The SEC’s lawsuit against Coinbase alleges various breaches of securities rules. SEC Chair Gary Gensler took to Twitter on Tuesday to assert that Coinbase’s alleged failures have deprived investors of vital protections, including rulebooks designed to prevent fraud and manipulation, adequate disclosure mechanisms, safeguards against conflicts of interest, and routine inspections conducted by the SEC.

This latest development intensifies the regulatory scrutiny surrounding major cryptocurrency exchanges, adding to the ongoing challenges and uncertainties faced by the crypto industry.

Featured image from BohatALA.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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