{"id":537386,"date":"2023-06-11T13:48:20","date_gmt":"2023-06-11T13:48:20","guid":{"rendered":"https:\/\/wncen.com\/?p=537386"},"modified":"2023-06-11T13:53:28","modified_gmt":"2023-06-11T13:53:28","slug":"matic-faces-long-term-struggle","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/matic-faces-long-term-struggle\/","title":{"rendered":"MATIC Faces Long-Term Struggle For Growth As SEC Claims It’s A Security"},"content":{"rendered":"

MATIC is currently facing increased uncertainty as it has been officially classified<\/a> as a security by the US Securities and Exchange Commission, as revealed in the recent filing against Binance.<\/p>\n

Consequently, the Polygon blockchain token experienced a significant drop<\/a> of 31% within a week, setting a new record. However, there is some positive news as it has managed to recover, witnessing a promising rebound of over 11% in the last 24 hours.<\/p>\n

Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal<\/a><\/div>\n

\"\"<\/p>\n

Source: Coingecko<\/pre>\n
\n
L2 coins will be the next bullrun coins. Already knew, already confirmed.$SOL<\/a> $ADA<\/a> $MATIC<\/a> and others L1’s got the security stamp. Regulation will kick hard = tight choice of L1\/L2 coins. Where will all this money flow to? pic.twitter.com\/jw5xpLRA4j<\/a><\/p>\n
\u2014 Zoomer Oracle (@ZoomerOracle) June 5, 2023<\/a><\/p><\/blockquote>\n
MATIC is one of the 13 tokens within the Binance lawsuit to be designated as a security. Polygon Labs, the developer of MATIC, issued a statement on Twitter defending Polygon saying that the network is \u201cdeveloped outside the US, deployed outside the US, and focused to this day on the global community that supports the network.\u201d<\/p>\n
This recent lawsuit against Binance was followed up<\/a> by the SEC\u2019s lawsuit against Coinbase, citing that the company is operating an unregistered exchange in connection with the company\u2019s staking service.<\/p>\n
Fear, Uncertainty And Doubt In The Market\u00a0<\/strong><\/h2>\n
With the recent classification of several cryptocurrencies as securities, the market has slid considerably within the past week. Bitcoin, the top cryptocurrency, gained<\/a> dominance in light of the recent regulatory fillings against Binance and Coinbase.<\/p>\n
The other tokens in the list<\/a> are SOL, ADA, FIL, ATOM, SAND, MANA, ALGO, and COTI. According to the lawsuit, the tokens are listed as investment contracts. This made the SEC label them as securities in accordance with the Howey Test<\/a>, which is a test to know whether a certain asset is a security or not.<\/p>\n
<\/p>\n
MATIC market cap at $5.8 billion. Chart: TradingView.com<\/a><\/pre>\n
This move by the SEC was in line with its recent actions against the crypto industry. Just this February, the regulatory body cracked down on Kraken\u2019s staking service along with forcing the company to pay $30 million in penalties for the violations.<\/p>\n
If the mentioned tokens and companies fail to comply with the SEC, it may lead to another Ripple-like event which will affect the market.<\/p>\n
MATIC Bulls Should Watch This Level<\/strong><\/h2>\n
At the time of writing, MATIC is being supported at the $0.6 price level which will act as the launch pad for future bullishness. However, external market forces still hold sway in the token\u2019s momentum and price actions in the near future. The recent lawsuits already slashed millions upon millions of possible gains for investors.<\/p>\n
\"\"<\/p>\n
Source: Coinglass<\/pre>\n
Related Reading: Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations<\/a><\/div>\n
Meanwhile, CoinGlass<\/a> data shows MATIC long positions being liquidated as the market crashed after the lawsuits were made public.<\/p>\n
Despite this, buying pressure after the crash continued with MATIC bulls holding $0.6 support. If they can hold on to this support level, we might be able to see a return towards the $0.83 support in the medium to long term.<\/p>\n
Featured image from The Daily Hodl<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
MATIC is currently facing increased uncertainty as it has been officially classified as a security by the US Securities and Exchange Commission, as revealed in the recent filing against Binance. Consequently, the Polygon blockchain token experienced a significant drop of 31% within a week, setting a new record. However, there is some positive news as it has managed to recover, witnessing a promising rebound of over 11% in the last 24 hours. Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal Source: Coingecko L2 coins will be the next bullrun coins. Already knew, already confirmed.$SOL $ADA $MATIC and others L1’s got the security stamp. Regulation will kick hard = tight choice of L1\/L2 coins. Where will all this money flow to? pic.twitter.com\/jw5xpLRA4j \u2014 Zoomer Oracle (@ZoomerOracle) June 5, 2023 MATIC is one of the 13 tokens within the Binance lawsuit to be designated as a security. Polygon Labs, the developer of MATIC, issued a statement on Twitter defending Polygon saying that the network is \u201cdeveloped outside the US, deployed outside the US, and focused to this day on the global community that supports the network.\u201d This recent lawsuit against Binance was followed up by the SEC\u2019s lawsuit against Coinbase, citing that the company is operating an unregistered exchange in connection with the company\u2019s staking service. Fear, Uncertainty And Doubt In The Market\u00a0 With the recent classification of several cryptocurrencies as securities, the market has slid considerably within the past week. Bitcoin, the top cryptocurrency, gained dominance in light of the recent regulatory fillings against Binance and Coinbase. The other tokens in the list are SOL, ADA, FIL, ATOM, SAND, MANA, ALGO, and COTI. According to the lawsuit, the tokens are listed as investment contracts. This made the SEC label them as securities in accordance with the Howey Test, which is a test to know whether a certain asset is a security or not. MATIC market cap at $5.8 billion. Chart: TradingView.com This move by the SEC was in line with its recent actions against the crypto industry. Just this February, the regulatory body cracked down on Kraken\u2019s staking service along with forcing the company to pay $30 million in penalties for the violations. If the mentioned tokens and companies fail to comply with the SEC, it may lead to another Ripple-like event which will affect the market. MATIC Bulls Should Watch This Level At the time of writing, MATIC is being supported at the $0.6 price level which will act as the launch pad for future bullishness. However, external market forces still hold sway in the token\u2019s momentum and price actions in the near future. The recent lawsuits already slashed millions upon millions of possible gains for investors. Source: Coinglass Related Reading: Bearish BNB Signs Hint Downtrend May Persist Beyond Expectations Meanwhile, CoinGlass data shows MATIC long positions being liquidated as the market crashed after the lawsuits were made public. Despite this, buying pressure after the crash continued with MATIC bulls holding $0.6 support. If they can hold on to this support level, we might be able to see a return towards the $0.83 support in the medium to long term. Featured image from The Daily Hodl<\/p>\n","protected":false},"author":557,"featured_media":537404,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[134,10768,40670,3505,3799],"class_list":["post-537386","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoin","tag-binance","tag-matic","tag-price-analysis","tag-sec"],"acf":[],"yoast_head":"\nMATIC Faces Long-Term Struggle As SEC Claims It Is A Security<\/title>\n<meta name=\"description\" content=\"MATIC is currently facing increased uncertainty as it has been officially classified as a security by the US Securities and Exchange Commission, as\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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 \u2013 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\u2019 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 \u2013 the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.","sameAs":["jomarjet01"],"url":"https:\/\/wncen.com\/author\/jomarjet01\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"MATIC Faces Long-Term Struggle For Growth As SEC Claims It’s A Security","url":"http:\/\/wncen.com\/news\/matic-faces-long-term-struggle\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/matic-faces-long-term-struggle\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/a-54.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/a-54.png?fit=843%2C446"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Christian Encila"}],"creator":["Christian Encila"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoin","binance","matic","price analysis","sec"],"dateCreated":"2023-06-11T13:48:20Z","datePublished":"2023-06-11T13:48:20Z","dateModified":"2023-06-11T13:53:28Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"MATIC Faces Long-Term Struggle For Growth As SEC Claims It’s A Security\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-faces-long-term-struggle\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/matic-faces-long-term-struggle\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/a-54.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/a-54.png?fit=843%2C446\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Christian Encila\"}],\"creator\":[\"Christian Encila\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoin\",\"binance\",\"matic\",\"price analysis\",\"sec\"],\"dateCreated\":\"2023-06-11T13:48:20Z\",\"datePublished\":\"2023-06-11T13:48:20Z\",\"dateModified\":\"2023-06-11T13:53:28Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/a-54.png?fit=843%2C446","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537386"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/557"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=537386"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537386\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/537404"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=537386"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=537386"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=537386"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}