Cardano

Solana

Read

<p class="is-style-lead">Chicago-based crypto trading firm, Cumberland, is moving millions worth of Polygon’s native cryptocurrency, MATIC, to Binance and Coinbase. As of June 10, the trading firm had moved $9.8 million MATIC to the two leading cryptocurrency exchanges.</p>



<h2 class="wp-block-heading" id="cumberland-moving-millions-worth-of-polygon-tokens">Cumberland moving millions worth of polygon tokens</h2>



<p>According to the web3 data analysis platform, Lookonchain, Cumberland shifted 9 million MATIC tokens valued at $6.3 million into Binance and another 5 million worth an estimated $3.5 million into Coinbase over 7 hours.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Over the past 16 hours, <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cumberland</a> has deposited 9M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($6.3M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Binance</a> and 5M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($3.5M) into <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Coinbase</a>.<br><br>A total of 14M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> ($9.8M) was deposited to exchanges. <br><br>And the price of <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> dropped by ~29%.<a href="https://t.co/9wKI6alh2s" target="_blank">https://t.co/9wKI6alh2s</a> <a href="https://t.co/P4NkUZ3Zgy" target="_blank">pic.twitter.com/P4NkUZ3Zgy</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1667402740920905728?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>Cumberland transferred the funds in six small transactions ranging between 1.5 million and 2 million MATIC.</p>



<p>The crypto trading company’s move comes amid significant transfers of MATIC tokens, pointing to a potential dumping trend by <a href="https://crypto.news/whales-move-13-67m-matic-tokens-to-binance-price-drops-2-2/">whales</a> and institutions.</p>



<p>When Cumberland moved its MATIC holdings into Coinbase and Binance, another whale reportedly deposited 9.4 million MATIC into the two exchanges.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">Another whale related to <a href="https://twitter.com/hashtag/Robinhood?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Robinhood</a>, Jump Trading, and <a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Cumberland</a> deposited 9.4M <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a> to exchanges in the past 15 hours.<br><br>Seems like whales/institutions are dumping <a href="https://twitter.com/search?q=%24MATIC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">$MATIC</a>!<a href="https://t.co/yqoxOYkwvw" target="_blank">https://t.co/yqoxOYkwvw</a> <a href="https://t.co/OCTGrXs3Iz" target="_blank">pic.twitter.com/OCTGrXs3Iz</a></p>&mdash; Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1667416532283162625?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>




    <p>
        You might also like:

        <a href="https://crypto.news/whale-withdraws-almost-62m-worth-of-matic-from-binanceus/">
            Whale withdraws almost $62m worth of MATIC from BinanceUS        </a>
    </p>




<h2 class="wp-block-heading" id="strong-matic-tanking-strong"><strong>MATIC tanking</strong></h2>



<p>Further exacerbating the already concerning situation, Whale Alert, a popular crypto transaction tracking service, has reported a substantial transfer of 46,908,173 MATIC tokens, equivalent to approximately $32,595,499, from <a href="https://www.theguardian.com/business/2023/jun/09/binanceus-prepares-to-suspend-us-dollar-deposits-and-withdrawals-from-exchange" target="_blank" rel="noopener">Binance US</a> to an unknown wallet. </p>



<p>It further adds to the uncertainty surrounding MATIC&#8217;s market <a href="https://crypto.news/matic-sees-more-than-80-decline-in-transaction-volume/">dynamics</a> and the actions of influential holders.</p>



<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter"><div class="wp-block-embed__wrapper">
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"><p lang="en" dir="ltr">🚨 🚨  46,908,173 <a href="https://twitter.com/hashtag/MATIC?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#MATIC</a> (32,595,499 USD) transferred from <a href="https://twitter.com/hashtag/BinanceUS?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#BinanceUS</a> to unknown wallet<a href="https://t.co/VMahfxIkVS" target="_blank">https://t.co/VMahfxIkVS</a></p>&mdash; Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1667369470241718273?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">June 10, 2023</a></blockquote><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div></figure>



<p>The influx of MATIC tokens onto exchanges by these entities has coincided with a significant decline in the token&#8217;s price.&nbsp;</p>



<p>Within the period, the value of MATIC plummeted by approximately 29%, primarily due to the considerable selling pressure generated by these deposited tokens.&nbsp;</p>



<p>The coin initially traded at $0.7882 but ended the period exchanging hands for $0.5583, per <a href="https://www.coingecko.com/en/coins/polygon" target="_blank" rel="noopener">data</a> from CoinGecko.</p>



<p>Many observers have blamed the ongoing upheavals in the crypto sector on the U.S. Securities and Exchange Commission’s (SEC) recent <a href="https://www.reuters.com/business/finance/us-sec-coinbase-binance-crackdown-puts-crypto-exchanges-notice-2023-06-08/" target="_blank" rel="noopener">crackdown</a> on Binance and Coinbase.</p>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe title="Unpacking the SEC&#039;s Charges Against Coinbase &amp; Binance with Joe Carlasare" width="1020" height="574" src="https://www.youtube.com/embed/-VwLUg17g8g?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
</div></figure>



<p>The regulator launched lawsuits against the two exchanges, in which it accused Binance and its founder <a href="https://crypto.news/binance-ceo-comments-on-rumors-behind-crypto-market-volatility/">Changpeng Zhao</a> (CZ), of breaking securities rules and misleading investors. The SEC claims Coinbase is an illegal exchange.</p>



<p>The SEC also flagged several cryptocurrencies, including MATIC, Solana (SOL), and Cardano (ADA), as unregistered securities.</p>




    <p>
        Read more:

        <a href="https://crypto.news/robinhood-to-cut-support-for-cardano-polygon-and-solana/">
            Robinhood to cut support for Cardano, Polygon, and Solana        </a>
    </p>

Crypto trading firm moves $9.8m of polygon tokens to Coinbase, Binance, MATIC price tanking

Inhaltsverzeichnis

crypto.news

Weitere Artikel, die am 10. Juni 2023 veröffentlicht wurden

Shiba Inu's Shibarium Best Timing Hinted by Shiba Ecosystem Official

DappRadar report: blockchain gaming revenue rose in May as investment soar to $476 million

US Department of Justice Objects to Bittrex's Customer Repayment Plan

Vitalik Buterin Donates Another $100M to Fund Covid Relief Projects

Cardano (ADA) Crashes 23% in a Day as Total Liquidations Near $400 Million

Pro-Bitcoin DeSantis tagged over AI-faked photos in Trump smear campaign

Abonniere unseren kostenlosen Newsletter und erhalte tägliche Krypto-Updates!