Leading altcoins Polygon (MATIC) and Solana (SOL) have posted losses over the past trading day, retreating slightly from their strong performances over the past week.
MATIC is currently down 5.73% in the last 24 hours, priced at $0.781. SOL has dropped 7.61% this month and is currently trading at $95.09. The sell-offs appear to largely stem from the latest Federal Reserve meeting.
Market participants were anticipating a rate cut from the Fed, which would have boosted liquidity and enabled further crypto price climbs. However, Fed Chair Jerome Powell indicated the central bank needed more evidence of declining inflation before changing course. This disappointed traders, spurring sell-offs.
Per Coinglass data, over $1.61 million worth of MATIC positions were liquidated amidst the slide. For SOL, $9.63 million of longs were forcefully closed. The drop coincided with initial excitement over the Jupiter airdrop on Solana, which briefly propelled the Jupiter token (JUP) above Uniswap in 24-hour trading volume. However, JUP has since corrected 63% from its highs due to profit-taking.
Meanwhile, the new crypto project Bitcoin Minetrix has raised over $10 million so far in its ongoing presale. Bitcoin Minetrix is a cloud mining platform that enables users to earn Bitcoin rewards by staking the native BTCMTX token. The project offers a hybrid model, providing both real Bitcoin mining rewards plus BTCMTX token yields.
Although mining is not yet live, presale participants can already earn yields up to 66% APY by staking their tokens. Bitcoin Minetrix has touted its security, transparency, and third-party auditing as key advantages attracting investors. BTCMTX is currently priced at $0.0132 in the ongoing presale.
#Polygon #Solana #Crypto #BitcoinMinetrix #Blockchain
