Polygon and Solana slide, new crypto raises $10m
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In the last trading day, Polygon (MATIC) and Solana (SOL) have posted losses. Meanwhile, a new crypto project, Bitcoin Minetrix, has raised over $10 million in the ongoing presale.
Top coins retrace
While leading coins, including SOL and MATIC, retrace, they are relatively firm in the past week.
Currently, MATIC is down 5.73%, priced at $0.781.
Meanwhile, Solana is down 7.61% this month, priced at $95.09.
The recent sell-offs mainly result from the Federal Reserve’s FOMC meeting. Interest rates were kept steady.
Market participants were anticipating a rate cut, which would have improved the liquidity situation for risk-on assets, enabling crypto prices to climb.
Fed chair Jerome Powell said the central bank needed to see evidence that inflation was moving towards the 2% bench mark rate.
The resulting sell off saw exchange force liquidations
$1.61 million worth of MATICs were liquidated, according to Coinglass.
Meanwhile, $9.63 million of SOL longs were liquidated.
The drop in Solana came amid the Jupiter airdrop.
For the attention garnered, Jupiter briefly surpassed Uniswap in 24-hour trading volume.
JUP has a market cap of $791 million market and a $1.3 billion 24-hour trading volume.
Despite the initial excitement, JUP is under pressure, dropping by 63% from its highs. The drop has been pinned to profit taking.
Bitcoin Minetrix presale hits $10 million
Bitcoin Minetrix is an Ethereum-based cloud mining solution where users can earn Bitcoin (BTC) rewards effortlessly.
It requires no mining hardware or technical expertise.
The platform works by users staking BTCMTX for Bitcoin mining credits.
These are non-transferable ERC-20 tokens that they can burn for cloud mining power.
Bitcoin Minetrix offers real Bitcoin rewards.
However, it also supplements this with BTCMTX, having allocated 12.5% of its total supply to staking rewards.
While mining is not yet live, presale investors can stake, receiving 66% APY as rewards. This yield will decrease as the staking pool grows.
Bitcoin Minetrix is secure and transparent, attracting users. It has also been audited by a third party.
Presently, BTCMTX is available for $0.0132 in the current presale stage.
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