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After gaining 200 percent within just two weeks, as crypto Twitter reported, one of Binance’s successful IEO projects MATIC suddenly lost 70 percent of its price.

The Binance’s chief CZ says his team is conducting an investigation and states that Matic has nothing to do with the event that made a great deal of investors lose money.

In a blog post, Matic explains, why the price plunge was not their fault while traders and analysts are offering their reasons for what has happened.

Matic releases its tokens

An allegation came from a Twitter account where the author said that the price dump was provoked by the platform itself.

In the blog post, MATIC wrote that they had warned the community in advance about the future outward token movement, which constituted 2.5 percent of the total supply and provided evidence from Etherscan.

Later on, an apology followed from the initial account that had published the FUD post. The author apologized for publishing the data which proved to be inaccurate.

Matic Price Suddenly Tanks 70 Percent. Binance CEO Weighs In

Are whales to blame for the MATIC price dump?

In his tweet, the head of Binance, CZ, mentioned that the price plummeted because several big traders panicked and caused the sell-off.

A crypto trader @Thrillmex also believes that this happened due to a crypto whale unleashing all his MATIC stack to the market. Smaller traders panicked and began selling, he writes.

The trader reminds the community not to risk more than they can afford to lose when investing in crypto.

A cryptocurrency analyst @CryptoMichNL says the reason of the price dump was low liquidity of MATIC on Binance and the fact that the exchange allowed margin trading on it and similar coins, such as RVN.

The trader Scott Melker agrees with him, also citing low liquidity of MATIC as the reason of the dump.

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