Polygon decline triggers decline in major cryptocurrencies.
During morning trading on Wednesday, most large cryptocurrencies experienced a decline. Polygon (MATIC) saw the biggest decline, dropping 3.39% to 68 cents. Solana (SOL) fell 3.24% to $18.81, Cardano (ADA) fell 3.08% to 29 cents, Dogecoin (DOGE) shed 3.08% to 7 cents, Ripple (XRP) declined 2.58% to 48 cents, and Polkadot (DOT) dropped 2.46% to $5.21. Ethereum (ETH) and Bitcoin (BTC) also decreased, with ETH dropping 2.02% to $1,902.74 and BTC declining 1.44% to $30,354.70. The only cryptocurrency to see an increase was Uniswap (UNI), which rose 0.15% to $5.45.
In company news, shares of Coinbase Global Inc. (COIN) declined 2.78%, MicroStrategy Inc. (MSTR) dropped 1.86%, Riot Blockchain Inc. (RIOT) slid 0.45%, Marathon Digital Holdings Inc. (MARA) declined 1.08%, Overstock.com Inc. (OSTK) shed 1.86%, Block Inc. (SQ) slid 0.56%, Tesla Inc. (TSLA) rose 0.36%, PayPal Holdings Inc. (PYPL) declined 1.52%, Ebang International Holdings Inc. (EBON) fell 2.14%, NVIDIA Corp. (NVDA) climbed 0.65%, and Advanced Micro Devices Inc. (AMD) climbed 0.03%.
In the fund space, the Bitwise Crypto Industry Innovators ETF (BITQ), which focuses on pure-play crypto companies, inched down 0.80% to $8.71. The Amplify Transformational Data Sharing ETF (BLOK), which is focused on blockchain technology, also inched down 0.80% to $23.47. The Grayscale Bitcoin Trust (GBTC), which tracks the Bitcoin market price, declined 2.15% to $20.01.
Overall, most cryptocurrencies and related stocks experienced a decline, with only a few exceptions. These fluctuations in the crypto market can be influenced by various factors, including market sentiment, news events, and overall market conditions. It is important for investors to stay informed and monitor these trends to make informed investment decisions.