Like many other crypto projects, the native token of the Polygon network, MATIC, was launched with some portion of the supply vested for the team over a period of time. In the case of Polygon, the vesting was for five years, and since 2019, there have been periodic token unlocks. However, the unlocks, which have often been a deterrent for investors, are now over, as the last batch was just released to the team.

Polygon Last Unlock Goes To Team

On Wednesday, February 21, the Polygon Foundation received the very last portion of their vested tokens from the vesting contract. In total, 273,304,816 million MATIC tokens valued at $260 million were released to the Foundation’s wallet.

This unlock marks the very last unlock that the Foundation will receive, meaning that almost all of the available supply of MATIC is now in circulation. The latest unclog brings the circulating supply of the cryptocurrency to 9,618,318,574 out of its 10,000,000,000 maximum supply. As a result of this, the market cap of Polygon is sitting just above $9.14 billion with a fully diluted valuation (FDV) of approximately $5 billion.

The entirety of the MATIC supply has been unlocked, which means that there will be no more tokens being brought into circulation. This is a huge milestone for the project, whose investors have waited years for the vested tokens to finally run out.

How Will This Affect The MATIC Price?

The fact that the entirety of the MATIC supply is now in circulation is bullish for the digital asset, especially in the long term. Inflation is a factor that tends to drive investors away and keep them from holding their coins due to the fear of more tokens coming into circulation, causing supply to exceed demand.

Now that the entirety of the supply is now in circulation, it gives the MATIC price a chance to enter into price discovery. However, there is still some concern about when the Polygon Foundation might start selling their coins as the entirety of the unlocked tokens still sit in the Foundation’s wallet.

If they do decide to sell, though, it is likely that the foundation would do so through OTC (over-the-counter) deals to minimize the impact of such a sale on the token price. As a result, the MATIC price might not suffer much.

At the time of writing, the MATIC token is trading at $0.95 with a 24-hour increase of 1.11%. Although its performance has been far from encouraging, the token is sitting only 67% below its 2021 all-time high of $2.92.

While Bitcoin treads water around $50,000, with some predicting a slump, one analyst on X is swimming against the current, claiming the coin has “never been this bullish.” The coin is bullish despite cooling off from 2024 highs above $54,000.

Analyst: Bitcoin Is Bullish, Here’s Why

The analyst Mags argues that Bitcoin is, at spot rates, defying historical patterns and showing bullish signals, especially looking at the candlestick arrangements. Specifically, Bitcoin recently closed a weekly candle above the 0.618 Fibonacci level before the next halving event. Mags said this is the first time in the four-year cycle. 

Therefore, though Bitcoin prices have been moving horizontally in the past few trading days, with fears of price slumps, the development in the weekly chart is overly bullish. Further bolstering their optimism, Mags points to the increasing demand for Bitcoin from institutional investors following the launch of spot Bitcoin exchange-traded funds (ETFs). 

Wall Street heavyweights, including Fidelity, issue some of these products. BitMEX Research data shows that spot ETFs continue to siphon more and more coins from circulating supply, sending them to custodians, like Coinbase Custody, for safekeeping. These coins will likely be released in the coming years, not months.

Besides institutional interest, optimism for more price gains also stems from the absence of retail interest at spot rates. Data from Coinbase shows that unlike the spike in interest that drove Bitcoin to $70,000, mainly at the back of retailers, BTC prices are up, but the dynamics are changing. 

Will Retailers Take BTC To New Levels?

Solid data reveals that retailers are mostly not interested in the coin at spot rates, looking at the amount retailers have been spending on the coin. By Q4 2021, retailers acquiring Bitcoin via Coinbase spent roughly $177 billion. However, this figure sharply fell throughout 2022 during the bear market, finding support in H2 2023.

Then, according to exchange data shared by Will Clemente on X, retailers began loading the coin from Q3 2023. The figure has risen to around $39 billion in Q1 2024–less than 25% of Q4 2021 volumes.

How retailers will impact the price of Bitcoin in the future is yet to be seen. In the past, retail fear of missing out (FOMO) has been a critical price driver. Presently, CoinStats sentiment tracker, Fear & Greed indicator, stands at 74, at “greed” territory, down from “extreme greed” on February 22.

This reduction could be possible because of the fake breakout that lifted Bitcoin above $53,000. The coin has support at $50,500 but generally remains in a bullish pattern.

In a notable development that signifies the growing adoption of blockchain technology in the sports industry, Paris Saint-Germain (PSG) has announced its deepening partnership with Chiliz (CHZ), the Malta-based FinTech provider.

PSG, one of the world’s most renowned football clubs, is set to become the first sports club to act as an official blockchain validator on the Chiliz Chain, a significant milestone for both organizations.

Chiliz $1 Billion SportFi Ecosystem Attracts PSG

According to Thursday’s announcement, the latest collaboration will see PSG play an important role in ensuring the security, accuracy, and reliability of the Chiliz chain. In particular, validators are essential to maintaining the integrity and operation of a blockchain network.

Since its partnership with Chiliz in 2018, which led to the launch of the PSG Fan Token – the club’s official digital asset – PSG has become increasingly involved in adopting Web3 in sports. The club’s approach to Web3 innovation is further highlighted by the appointment of Pär Helgosson as the Head of Web3, a position dedicated to driving the club’s digital transformation.

Per the announcement, the choice of Chiliz as the platform for this initiative is attributed to its robust $1 billion SportFi ecosystem, which attracts a large community of crypto-native sports fans. 

Chiliz’s infrastructure and support for decentralized applications (dApps) have made it a preferred platform for over 50 web3 projects, showcasing its capacity to attract large Web3 products and services.

Web3 Adoption In Sports

To support the Chiliz Chain’s continued growth, PSG has pledged to use 100% of its accrued revenue as a validator to conduct regular buybacks of the PSG Fan Token from the public marketplace. 

According to the announcement, these automated buybacks, executed through smart contracts or decentralized exchanges (DEXs) on the Chiliz chain, are expected to strengthen the club’s digital economy and regularly replenish its Fan Token reserves.

In addition to its role as a validator, PSG and Chiliz will co-host their first-ever blockchain hackathon at the Parc Des Princes stadium in Paris, France, in the summer of 2024. 

Alex Dreyfus, CEO of Chiliz and Socios.com, expressed his excitement about PSG’s involvement as an official validator, stating:

This evolution marks a significant milestone in the adoption of web3 by fans, clubs, and leagues. PSG’s active role as an official validator will undoubtedly propel our SportFi ecosystem to new areas, furthering our long-standing partnership with the club.

Pär Helgosson, Head of Web3 at Paris Saint-Germain, emphasized the club’s commitment to designing and shaping the future of web3 sports, stating: 

Our commitment is to build a more empowered and sustainable web3 ecosystem, leveraging the solid foundation of our existing relationship with Socios and Chiliz. PSG is committed to fostering innovation, and the club will continue to develop opportunities with other partners in this space.

CHZ Skyrockets To $1.13 Billion Market Cap

Following the announcement on Thursday, the Chiliz native token CHZ, originally launched as an Ethereum-based ERC-20 token, has experienced a significant surge in its trading price, reaching $0.1283 and achieving a market capitalization of $1.13 billion.

Since the beginning of Thursday, the token has continued its upward trend, witnessing a 9% price increase. This growth adds to the token’s sustained positive performance over longer periods, aligning with the overall market trend.

Over the past seven and fourteen days, CHZ has demonstrated notable price increases of 19.5% and 25%, respectively. Moreover, within the last thirty days, it has experienced a remarkable surge of 32%, allowing the token to bridge the year-to-date gap. Despite a decline of approximately 6% over this timeframe, the recent surge has significantly mitigated the overall loss.

Featured image from Shutterstock, chart from TradingView.com

Bitcoin looks to be stuck in a consolidation zone between $50,000 and $52,000, with neither the bulls nor the bears succeeding in completely taking control of the trend. This performance has sparked a number of speculations on whether the BTC price has finally found a local top. One of those who have speculated on the price direction is crypto analyst Alan Santana, who has used the Elliot Wave Theory to predict where the price of the cryptocurrency might be headed next.

Elliot Wave Points To Correction To $31,800

In the analysis shared by Alan Santana on TradingView, the Elliot Wave theory could point out the direction that the Bitcoin price could be headed next. The theory, which consists of five waves, has so far completed three waves, with the fourth wave expected to happen soon.

Given that the third wave is very bullish and the price has risen so fast, the fourth wave is expected to be more bearish. As Santana explains, this fourth wave points toward an upcoming correction. They also reveal that their analysis included Elliot’s Law of Alternation, and applying it to this scenario, the fourth wave is bearish, but would not go as low as the second wave.

Once this fourth wave moves into action, the Bitcoin price is expected to see a sharp correction. At the low end of this correction, though, is the $31,800 level, the analyst believes. So, in this scenario, there will be a return to the $20,000s before Bitcoin resumes its next leg up.

“This wave four of a higher degree cannot enter the territory of wave two, which puts the lowest price possible for the upcoming correction at $31,805 based on Elliot Wave Theory,” Santana said. He further added that: “Just as wave three would lead to a correction (wave four), wave four invariable leads to another impulse; the final and fifth wave of the higher degree.”

Bitcoin Top At $138,000

Not only does the Elliot Wave theory points toward a possible bottom, it also gives an idea for where the Bitcoin top might lie in the fifth wave. The crypto analyst uses one of the two Wave Principle methods to forecast this price, which takes into account the peak of the third wave and then uses that to give the peak of the fifth wave.

So far, the local top of this third wave looks to be $52,985, where Bitcoin peaked earlier this week. Since the Wave Principle says that the peak of Wave 5 would be three times higher than that of Wave 3, the analyst multiples $59,985 by 3, which gives a cycle top of $138,714.

As for when this peak will roll around, Santana explains that the whole thing could play out by 2025, which is when the peak would take place. “So the potential for the final impulse or fifth wave based on the Elliot Wave Theory system, amounts to $138,714. This can happen sometime in 2025,” the analyst stated.

An analyst explained that Polygon could see a potential bull rally to $1.73 if the cryptocurrency’s price is above this level.

Polygon Appears To Be Breaking Out Of A Symmetrical Triangle Currently

In a new post on X, analyst Ali talked about a multi-year Symmetrical Triangle that Polygon has been traveling inside. The “Symmetrical Triangle” is a pattern in technical analysis (TA) that, as its name already implies, looks like a triangle.

The pattern comprises two converging trendlines, with the upper line being made by joining lower highs in the price, while the lower level connects higher lows.

A feature of this pattern is that these two lines approach each other at roughly an equal (but opposite) slope. This is the reason why there is “symmetrical” in its name.

When the price trades inside the triangle, it tends to encounter resistance at the upper level. As such, tops can probably form at the line. Similarly, the lower line can act as a source of support, thus facilitating likely bottoms to take place.

If the asset breaks through either of these barriers, its price could probably see a sustained push in that direction. This means that breaks above the triangle can be bullish signals, while drops under it can signify that a bearish trajectory has taken over.

There are also other triangle patterns in TA, with two popular ones being the Ascending and Descending Triangles. These two patterns differ from the Symmetrical Triangle in that one of their trendlines is parallel to the time axis (meaning their lines can never have an equal slope).

Now, here is the chart shared by Ali that shows a Symmetrical Triangle pattern that the weekly price of Polygon has traded inside for the last couple of years:

As the graph shows, the Polygon weekly price has shown signs of a breakout from this Symmetrical Triangle pattern that it has been stuck inside for multiple years.

Since such breakouts have historically been bullish, this surge for MATIC could mean some sustained bullish momentum may be coming. This is only, of course, if the break truly gets confirmed.

“If MATIC can maintain a close above $0.96, it could signal the start of a bull rally, with a potential target of $1.73!” explains the analyst. From the current asset price, a run to this target would mean an increase of more than 78% for the cryptocurrency.

MATIC Price

After witnessing a break above the $1 mark, Polygon slipped yesterday as its price declined to $0.90. However, the coin has recovered above $0.97 in the past day.

This is above the $0.96 target set by the analyst, so if Polygon can continue to maintain above it now, the break might get confirmed for the asset.

Tom Lee, Managing Partner and Head of Research at Fundstrat Global Advisors, recently commented on the future trajectory of Bitcoin. He also mentioned when the flagship crypto token could hit this particular price level. 

Bitcoin To Rise To $150,000 This Year

Lee mentioned during an appearance on CNBC’s “Squawk Box” that Bitcoin could rise to as high as $150,000 this year. His belief that BTC could rise to this price level is due to the fact that demand is improving with the Spot Bitcoin ETFs. These funds are known to have achieved significant success since launching, something which has positively impacted Bitcoin’s price. 

Lee alluded to the Bitcoin Halving as another factor that could contribute to Bitcoin’s rise to $150,000. He specifically noted how the crypto token’s supply is going to shrink once the Halving event takes place. Interestingly, industry expert Anthony Pompliano recently highlighted how the demand for BTC was outpacing its supply. 

This trend is expected to continue once the Halving takes place, as the amount of BTC mined daily will drastically reduce. Meanwhile, Spot Bitcoin ETFs and other institutional investors are expected to keep stacking up the crypto token without any hesitation.

Lee also noted that a monetary easing, which is expected this year, would be favorable for a risk asset like Bitcoin. With inflation cooling off, the Federal Reserve is projected to cut down on interest. This will no doubt provide a bullish narrative for Bitcoin as investors are expected to double down on their investment in the crypto token once this happens. 

BTC Still Headed For $500,000

Tom Lee had predicted during an appeearnce on Squawk Box in January this year that BTC would rise to $500,000 in the next five years. He once again reaffirmed this prediction during his most recent appearance on CNBC. According to him, “Bitcoin is sound money, and it is proving to be useful,” which makes this price level attainable. 

Elaborating on how Bitcoin is useful, he stated that the crypto token has been a great store of value and also a good risk asset. He added that BTC is “incredibly secure” as there has been an issue of any fraudulent entry on the blockchain since its inception. The same cannot be said of banking institutions, which Lee noted have a lot of fraudulent transactions. 

When quizzed about how Bitcoin is used for nefarious activities, he highlighted how the Dollar is used for a large percentage of crimes that take place, and no one questions its utility.

At the time of writing, Bitcoin is trading at around $51,800, up in the last 24 hours, according to data from CoinMarketCap. 

As Bitcoin makes its way through the erratic waves of the cryptocurrency market, crypto analysts are still bullish about the asset, predicting BTC to reach unprecedented heights in the long run. 

Bitcoin To Reach $500,000 In The Long-Term

Bitcoin is currently in the spotlight as crypto expert Michael Van De Poppe has shared a bold prediction regarding BTC’s future with the community on the social media platform X (formerly Twitter). 

According to Poppe, Bitcoin is presently experiencing an “overly bullish sentiment” from market participants within the cryptocurrency space. Due to this, he claims that there is “a likelihood” for the crypto asset to reach $500,000 in the long term.

Poppe also warned investors about upcoming severe corrections prior to the surge. However, he has urged them to take the dip as a “giant buying opportunity” to position themselves for future gains.

The post read:

The overly bullish sentiment is great for Bitcoin. Long-term, the likelihood of Bitcoin reaching $500,000 is definitely there. However, corrections will happen and they will be rough. If Bitcoin corrects by 20% or more, use those as a giant buying opportunity. That’s it.

The analyst’s prediction has sent quite a frenzy in the crypto community, with several enthusiasts expressing their belief in the forecast. A pseudonymous X user stated that he agrees with the projections while noting that “BTC has the potential to grow in the long-term.”

Poppe has also shed light on his “game plan” for the upcoming period for the digital asset. He pointed out two distinct aspects of the plan in light of Bitcoin’s corrections.

“Survive a potential Bitcoin correction, as Bitcoin is at the end of this run and probably consolidating,” he stated. In addition, he has encouraged investors to navigate their investment toward Ethereum during the time of the retracement. He added that investors should hold their ETH for about “1 to 2 months and wait in cash until the correction is over.” 

BTC Is The Ultimate Safe Haven

Michael Van De Poppe is not the only analyst who believes Bitcoin has the potential to achieve the $500,000 mark. Max Keiser, a financial journalist, has also predicted that BTC will reach the aforementioned price target.

Keiser appears to be anticipating a significant crash in the stock market drawing a similar scenario to the 1987 crash. Consequently, he believes Bitcoin to be a safe haven during this period, as he expects the token to “soar past $500,000.”

The expert also noted that BTC ETFs and domestic miners will be confiscated by the US government within this period. However, despite this action, Keiser reckoned that BTC would still see more inflows than Gold in the market.

Bitcoin, the enigmatic cryptocurrency known for its volatile price swings and digital gold status, is making a surprising play for a new title: sustainability champion.

A recent analysis by Bitcoin environmental impact expert Daniel Batten reveals a remarkable surge in renewable energy use for mining, reaching a staggering 55%. This marks a significant shift from just four years ago, when the figure languished below 40%, and paints a picture of an industry undergoing a green metamorphosis.

From Carbon Culprit To Clean Crusader?

Bitcoin’s mining process, essential for creating new coins, has historically been a lightning rod for environmental criticism. The sheer computing power required gulps up massive amounts of electricity, often sourced from fossil fuels. This led to accusations of Bitcoin being a climate villain, spewing greenhouse gases and contributing to global warming.

However, the narrative is evolving. Companies like Luxor Technology are harnessing Ethiopia’s hydroelectric bounty, while Argentina’s Unblock Global repurposes wasted natural gas from oil reserves.

Even domestic players like CleanSpark are upping their game with low-carbon solutions. These efforts, coupled with an overall decline in mining emissions intensity, suggest a genuine commitment to going green.

The Green Rush: Challenges And Cautions

Despite the positive strides, the sustainability of Bitcoin is far from over. The ever-growing network demands more energy, and ensuring enough renewable sources to keep pace is critical.

Furthermore, the environmental impact extends beyond energy consumption. The mountains of discarded mining hardware raise concerns about e-waste, another hurdle on the path to true sustainability.

The Future: Doubling Down On Green

The success of Bitcoin’s green gamble hinges on several factors. Continued investment in renewable energy infrastructure is paramount, and regulatory frameworks that incentivize sustainable practices could play a vital role.

Ultimately, the industry needs to demonstrate a long-term commitment to environmental responsibility, moving beyond individual success stories to ensure widespread adoption of green solutions.

While the jury is still out on whether Bitcoin can truly shed its carbon-intensive past, the recent surge in renewable energy use is a promising sign. This green gamble, if played with transparency, scalability, and a holistic approach to sustainability, could pave the way for a future where Bitcoin and the environment coexist in harmony.

The question remains: will Bitcoin’s green hand win the game, or will it fold under the weight of its own growth and environmental concerns? Only time, and the industry’s commitment, will tell.

Featured image from Karolina Grabowska/Pexels, chart from TradingView

Ripple has always been subjected to claims of manipulating the price of XRP and its natural growth by selling coins. As the cryptocurrency’s largest holder, Ripple has faced constant criticism about the amount of XRP it holds, with detractors arguing it gives them too much control and influence over the price. 

Particularly, there’s been some drama swirling around the altcoin lately and claims that Ripple has been manipulating the market and systematically dumping its large holdings. This has come in light of a large transfer of 60 million XRP tokens from Ripple to an unknown wallet address. 

Ripple Accused Of Dumping XRP And Manipulating Market

Whale transaction tracker Whale Alerts recently posted on social media a transfer of 60 million XRP worth $34 million from a Ripple-controlled wallet address into a private address. A further look shows that the private recipient wallet currently holds over 138 million XRP worth $75.5 million, with this same address receiving 80 million XRP from Ripple on February 11.

60,000,000 #XRP (34,088,291 USD) transferred from #Ripple to unknown wallethttps://t.co/zfHG8o0Bbo

— Whale Alert (@whale_alert) February 20, 2024

At the time of writing, Ripple controls about 6% of the current circulating supply. Therefore, it is only natural that large transactions like this from Ripple would generate waves in the market and lead to speculations. Consequently, the large transfers have reignited claims of Ripple selling its holdings amidst ongoing consolidation in the price of XRP.

In addition, debates regarding XRP’s programmatic sales have resurfaced, as history shows this isn’t new to Ripple. According to details shared by a social media user, Jim_Knox, Ripple allegedly delivered XRP to three market makers in 2017 for the purpose of market sales, which resulted in a price suppression of the cryptocurrency during that particular period. Furthermore, recent accusations have taken root of Ripple using what it called the 4t and 6t bots to execute programmatic sales to exchanges.  

Ripple CTO Addresses Concerns

Ripple CTO David Schwartz took to a social media thread to address the rumors of price manipulation. An XRP community member had shared a meme suggesting that Ripple’s 4t and 6t bots have always prevented the price of XRP from increasing, keeping it at the $0.50 level. 

However, Schwartz pointed out that Ripple has discontinued the programmatic sales of XRP, with the company only selling its holdings through ODL transactions. The ODL transaction method is Ripple’s unique payment solution that offers instantaneous cross-border transactions. On the other hand, concerns regarding the recent large transactions from Ripple to unknown wallets are yet to be addressed, and it all remains speculative at this point.

XRP is trading at $0.5463 at the time of writing, down by 0.50% in the past 24 hours but still maintaining a meager 2% gain in a 30-day timeframe. Recent transaction alerts from Whale Alerts have shown large amounts of XRP leaving private wallets to crypto exchanges, hinting at potential selloffs.  

In an exclusive interview with CNBC’s ‘Squawk Box’, Mike Novogratz, CEO of Galaxy Digital, provided an in-depth analysis of the current state and future trajectory of Bitcoin amidst a rapidly evolving financial landscape. The conversation spanned a variety of topics, including the recent surge in Bitcoin prices following the approval of spot Bitcoin ETFs and the impact of the Federal Reserve’s monetary policy on cryptocurrency markets.

Bitcoin Amid Market Consolidation And Institutional Adoption

Opening the discussion, Novogratz touched on the remarkable rally Bitcoin has experienced, while also suggesting a potential consolidation phase. “We’ve come a long way fast, both in US stocks and in crypto… It wouldn’t surprise me if there’s some consolidation,” he stated.

Despite this, he emphasized the significant milestone achieved with the opening of the institutional and Retail Investment Advisor (RIA) channels to Bitcoin, particularly through ETFs. “We’ve got baby boomers who own most of the wealth in America, and they’re getting their first easy access to Bitcoin… And I don’t think that’s going to stop,” Novogratz elaborated, underlining the transformative impact of ETFs on Bitcoin accessibility.

When probed about the pace at which financial advisors could start recommending Bitcoin, Novogratz offered an optimistic forecast: “I would tell you at least double in six months.” He attributed this to both demand from clients and the inevitable adaptation of large platforms. “Their customers are calling and bitching at them and saying, we want to buy Bitcoin with you,” he quoted, highlighting the grassroots demand driving institutional platforms towards crypto adoption.

Addressing potential short-term price movements, Novogratz candidly acknowledged the possibility of a downturn. “It could be some regulatory kerfuffle, it could just be the market got a little long and you get people scared,” he speculated, pinpointing a price range of “$45,000… $42,000” as the potential downside. This acknowledgment of volatility underscores his realistic view of the crypto market’s susceptibility to external pressures and internal dynamics.

BTC Price Targets

Looking ahead, Novogratz responded to Tom Lee’s prediction of Bitcoin reaching $150,000 by year’s end with cautious optimism. While hesitant to commit to a specific number, he concurred that Bitcoin is likely to retest its all-time highs, emphasizing the market’s momentum when it attracts new buyers.

“You know, when markets get new buyers and start breaking out, it’s hard to have a price prediction,” he remarked, suggesting that surpassing the $69,000 mark could open the door to unprecedented price levels like $125,000 to $150,000, contingent on broader economic conditions such as the Federal Reserve’s interest rate policies.

Delving into Bitcoin’s correlation with the macroeconomic environment, Novogratz presented a nuanced perspective. He acknowledged Bitcoin’s dual identity as both a macro asset and a nascent technology in an adoption cycle.

On the topic of Bitcoin’s correlation with broader economic indicators, Novogratz highlighted the dual narrative that has come to define Bitcoin’s market behavior. “It’s a macro asset…And the second, we’re early on in the life cycle, so there’s an adoption cycle,” he pointed out.

Thus, he emphasized the unique position of Bitcoin at the intersection of a burgeoning asset class and a macroeconomic hedge. He added, “Right now, this is all adoption. This is new buyers coming in and being told the big-picture story that you need to have this in your portfolio.”