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MATIC Surges 10% as Polygon's 2.0 Upgrade Draws Closer
Open interest for MATIC trading pairs has risen from $109 million to $160 million in the past 24 hours.
Updated Jul 11, 2023, 4:29 p.m. Published Jul 11, 2023, 4:29 p.m.
MATIC, the native token of Ethereum scaling solution Polygon, has jumped 10% from Monday's low of $0.67 as traders anticipate the upcoming Polygon 2.0 upgrade.
The crypto is currently changing hands at $0.73 following a 62% increase in daily volume on Tuesday, with $500 million being traded over the past 24-hours, according to CoinMarketCap.
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Polygon revealed plans for its 2.0 version last month with aims of creating “the value layer of the internet." It also said that it will transition to greater community governance of the protocol and treasury in a blog post.
Matic's aggregated open interest, which is a metric used to assess the nominal value of open derivatives positions, has experienced an even larger uptick over the past 24-hours, rising from $109 million to $160 million, or 47%, according to Coinalyze. That big jump suggests that the rally is being backed with leverage.
It's worth noting that highly-anticipated news events like upgrades can cause volatile price action as an imbalance of leveraged positions have the potential to get squeezed after the event takes place, with astute traders look to capitalize on unsustainable levels of optimism. Ethereum's Shanghai upgrade was an example of this, with prices rising by 16% in the lead-up to the event before returning to parity less than a week later.
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Bank of Japan Set to Hike Rates to 30-Year High, Posing Another Threat to Bitcoin
Rising Japanese rates and a stronger yen threaten carry trades and could pressure crypto markets despite easing U.S. policy.
What to know:
- According to the Nikkei, the Bank of Japan (BoJ) is set to increase interest rates to 75bps, the highest level in 30 years.
- Rising Japanese funding costs, alongside falling U.S rates, could force leveraged funds to reduce carry trade exposure, increasing downside risk for bitcoin.
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