3 days ago
Polygon's POL token tumbled 6% connected Thursday, falling done cardinal enactment levels arsenic higher-than-expected U.S. ostentation information shook hazard assets.
POL traded successful a wide 10% scope implicit the past 24 hours, climbing from $0.25 to $0.26 successful aboriginal trading earlier reversing sharply, information from CoinDesk Analytics shows.
A burst of selling sent the token down to $0.24, with trading measurement spiking to 1.1 cardinal units — much than triple its 24-hour average. The $0.26 people has present emerged arsenic a important absorption portion aft the high-volume rejection.
The selloff came alongside a broader marketplace diminution triggered by a U.S. shaper terms scale (PPI) study showing a 0.9% month-over-month emergence successful July, the biggest leap successful much than 3 years. The data, which measures wholesale ostentation earlier it reaches consumers, dampened expectations for Federal Reserve complaint cuts and pressured speculative assets.
The CoinDesk 20 Index, a benchmark for the broader crypto market, dropped 4% implicit the aforesaid period, arsenic profit-taking accelerated crossed large tokens. POL was past changing hands adjacent $0.24, with momentum indicators signaling further downside risk.
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