What's happening in Crypto Market

Hello and Namaste Everyone

The crypto market is known for its ups and downs and this is also considered one of the markets that is highly volatile. This volatility can be a concern for many because they believe a market should be stable like a stock market does but people who are part of crypto consider it as an advantage. It is an advantage because it allows us to get the investment multi-fold and also it comes with risk but we need to know how to deal with it. No matter whether you are an investor or a trader whoever has been in the crypto market for the last few years knows very well how to deal with this fluctuation in this market. A lot of things are happening in the market these days specifically after the Bitcoin spot ETF approval.

This is big news and people have been celebrating, but those expecting an instant impact on the Bitcoin price are mistaken. Undoubtedly it's a great thing that has happened in this market but we need to wait for the right time to see its impact on the Bitcoin value. Today I am going to talk about some of the events that happened in this market recently and hopefully, you will find these helpful.

Jupiter Airdrop

This is the recent airdrop that has happened and a lot of people are talking about it. Some people have got quite a big value through the airdrop. It was done on Solana and whoever had interacted with this platform by November 2nd, 2023 was eligible for airdrop. Surely it was a good opportunity for those who used it before and they must be happy.

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The current price for this token is almost $0.54 and people have got thousands of coins as part of the airdrop. Now you can imagine how much people money made out of this airdrop and this was a fantastic opportunity for the regular users of this protocol.

Polygon (MATIC) Layoff

Polygon Labs is the company that works on layer 2 solutions for Ethereum. The token name is MATIC and it's a promising project. People expect that the price formatting is going to be more than $1 and probably even more in the next market bull run cycle. The company is working on different initiatives and trying to build a solution that can run the applications compatible with Ethereum on this chain. It works on layer two solutions that are cost effective and transactions can be done with negligible transaction cost or you can call it a gas fee. The company has reduced its manpower by 19% and this is bad news for the polygon employers.

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Polygon laid off almost 19% of its manpower and its approx 60 headcounts. Layoff is never good news because it affects people and their financials are also impacted because they lose their jobs. Polygon which is a great project in the crypto space has done it which is hard to believe but this is the truth and hopefully, this will not impact the project capability and believables as expected and scheduled.

These are the updates that I think are the big movement in the market. From the outside, it looks like everything is going well but I think once we do the deep down we will figure out that some things are good and some things are bad and it always happens in this market. It can't be 100 percent good all the time but a mix of good and bad in the market keep it moving and that is how it should be.

This is my participation post for Initiative: February Monthly Prompt

Check out the above post if you are interested in participating in this initiative every day there is a different topic that is fun and allows us to share our thoughts.

Thank you so much
Stay Safe

Posted Using InLeo Alpha

Posted Using InLeo Alpha