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July, 2024
July 2024
Bybit: MATIC Outperforms L1 Tokens, SEC Lists Nine Tokens as Securities
22/07/2022 16:50

Bybit: MATIC Outperforms L1 Tokens, SEC Lists Nine Tokens as Securities

Chart of the Day 

On Thursday, the broader crypto market trimmed its losses as investors began to absorb the aftershock of Tesla’s decision to dump 75% of its crypto holdings one year after touting BTC’s long-term potential. BTC seems stuck in a narrow range and remains stubbornly close to its 50-day moving average. As of the time of writing, the largest cryptocurrency by market cap is trading stably above the $23k mark after posting a marginal gain over the last 24 hours. BTC’s upside momentum will likely accelerate if it could close above the $23.9k handle. Alternatively, it may move down to retest support near the $22.7k mark and the 100-hour moving average. Bybit blog reports.

In the options market, the max pain price is currently sitting near $23k. With $1.6 billion notional about to expire at the end of the month, the market may expect prices to gravitate towards the max pain level, though not without volatility. The gamma exposure of BTC remains range-bound, while that of ETH continues to rise to approach 1.2 million.

In a similar vein, ETH is back above the $1,550 level after rising by 6.6% during the same period. A critical bullish trend line with support near $1,520 is taking shape on ETH’s hourly chart. The second-largest cryptocurrency by market cap may see further upside gains if it can breach the immediate resistance level at the $1,600 handle. In the altcoin market, major altcoins have flipped green, with ETC and NEAR leading the recovery on double-digit percentage gains. However, in a longer time frame, Polygon’s MATIC has staged an impressive relief from a technical bottom in late June, and has so far outperformed all major L1 tokens.

Talk of the Town 

Bybit: MATIC Outperforms L1 Tokens, SEC Lists Nine Tokens as Securities 1

In a new court filing, the U.S. Securities and Exchange Commission (SEC) claimed that at least nine digital assets listed on Coinbase are unregistered securities. This development came after the arrest of a former Coinbase product manager, who was allegedly guilty of wire fraud in connection to an insider trading scheme. The person involved is said to have profited at least $1.5 million from illegal trades on 25 different crypto assets and at least 14 Coinbase public listings, in what is described to be “the first-ever insider trading case in the cryptocurrency markets”. The complaint on nine digital assets largely reflects the SEC’s long-time view that the majority of cryptocurrencies are securities. Coinbase responded in a blog post, saying that laws in the U.S. are not keeping up with the digital world.

Crypto & blockchain articles are created with the support of ByBit – leading crypto platform.


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