Polygon transitions from $MATIC to $POL 🙏

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📅 Today

🔍️ Market Outlook

• Overall Bias - Cautious 🙏 

• BTC broke the key $62,400 level, but failed to re-test and hold it as support.

• The 200 Daily Moving Average at $62,000 is now a crucial level to monitor for Bitcoin.

• A failure to hold this price as support would mean more consolidation for BTC.

• BTC also got rejected off it’s bull-market support band (20 Week SMA & 21 Week EMA)

• It is wise to not take any new leveraged positions till BTC closes above this band, and till BTC dominance reverses it’s uptrend.

• A weekly close above $62,000 would mean that the bulls are trying to show some strength.

• However, if this level is lost on the weekly close, bears would be in control once again.

$MATIC is now $POL❗️ 

Polygon has officially migrated its MATIC token to a new token called POL, following a year of community discussions. POL is now the native gas and staking token on the Polygon PoS chain, replacing MATIC.

This transition is a key step in Polygon’s evolution into a zk-chain and its integration with AggLayer, which will unify liquidity and state across multiple chains.

POL will keep MATIC’s existing tokenomics and total supply of 10 billion tokens, but will gain new functionalities, including roles in block production, generating zero-knowledge proofs, and more.

Nvidia Loses Over $360 Billion in a Single Day 🔻 

Nvidia stock, $NVDA, has now erased $360 billion of market cap after falling by ~10% in a single day on September 3rd, after The US Department of Justice sent a subpoena to the firm related to its antitrust investigation.

This marked the largest single day loss of market cap for a stock in history.

It has truly been a wild ride for Nvidia this year. So far in 2024, Nvidia has:

• Posted the largest single daily gain of market cap by a stock in history

• Posted the largest single daily loss of market cap by a stock in history

• Become the largest public company in the world

• Erased $1 trillion of market cap in under one month

The company's market value is now larger than the stock market in Germany, the UK, France, South Korea, and Australia.

As a result, we think that this is not healthy for any stock market. Usually, a stock market index should be driven by small caps and mid-caps, rather than being dictated by a handful of companies as we are currently seeing in the USA.

📕 Educational

Bitcoin Ecosystem - Top 10 Funding Rounds from 2024 👇️ 

The Bitcoin ecosystem has been booming. At least $215 mil has been raised across 15 different startups from the BTC ecosystem since the start of 2024.

The average Bitcoin transaction fee also recently surged to $132, after Babylon launched the first phase of its Bitcoin staking mainnet, highlighting the demand for BTC - related products.

The Biggest Raises include some of the most innovative products being built, including :

1. Babylon Labs : The Babylon staking protocol allows bitcoin holders to stake their bitcoin for PoS blockchains, without needing any third-party custody/bridge/wrapping - Raised $96 mil.

2. Mezo : Mezo is an EVM-compatible network making Bitcoin more productive with BitcoinFi - Raised $28.5 mil.

3. Bitlayer : Bitlayer is a Layer 2 solution for Bitcoin that offers security equivalent to Bitcoin's own and Turing completeness - Raised $16 mil.

4. Lombard: LBTC enhances Bitcoin's utility by providing built-in yield and permissionless DeFi access - Raised $16 mil.

5. BOB: BOB is a Bitcoin Layer 2 solution that's fully EVM-compatible, aiming to unite the robust security of Bitcoin with the versatility and innovation of Ethereum's smart contracts - Raised $11.6 mil.

6. Nubit : The first Bitcoin-native data availability layer - Raised $11 mil.

7. QED Protocol : A zk-native execution layer for powering the Web3 ecosystem emerging on #Bitcoin - Raised $9 mil.

8. SatLayer : A Bitcoin-powered restaking platform built on the Babylon staking protocol - Raised $8 mil.

9. Satflow : A trading platform specifically designed for Bitcoin #Ordinals and #Runes - Raised $7.6 mil.

10. Corn : An ETH layer2 that uses a tokenized version of Bitcoin for gas fees and economic incentives on the network, tickered BTCN - Raised $6.7 mil.

📊 Resource of the day

📈 Chart of the day

Rationale & Confluences

• Dominance is at a crucial level, and is looking to break to the upside

• A daily close above 58% will confirm the breakout

• In contrast, a daily close below 56% will confirm a rejection

• If a breakout happens, alts will massively underperform BTC

• Keep an eye out on bitcoin dominance over the coming days to navigate altcoins better.

• Source : Cointraction

🤣 Meme of the day

That concludes our update for today!

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Disclaimer : None of the content shared in the newsletter is financial advise. Always do your own research and analysis before investing.