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Crypto Market Reacts Positively Amid Reduced U.S Inflation Rate

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Crypto Market Reacts Positively Amid Reduced U.s Inflation Rate
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  • Compared to June, the annual rate of inflation reduced marginally to 8.5%.
  • Bitcoin is trading at $24,003 with a 4% increase in the last 24 hours.

After a long period of stagnation, U.S inflation has fallen for the first time since April. Compared to June, the annual rate of inflation reduced marginally to 8.5%, according to the most recent statistics release. The July CPI was projected to be 8.7%.

Well, it’s possible that a decline in inflation may be a beneficial thing since it would help dilute the Fed’s aggressive position and lead to lower interest rates. The main indexes, which had ended Tuesday’s session in the negative, responded favorably to this new information. The Dow Jones Industrial Average’s futures soared by 400 points, or 1.2%, on Monday morning. S&P 500 futures rose by 1.7%, while Nasdaq 100 futures rose by 2.4% in tandem.

Market Gains Momentum

In reality, the crypto market, which had been in the red for the previous several hours, has now turned green. Recently, though, the link between Bitcoin and the larger market has declined. This suggests that the markets have not always moved in lockstep with one another.

The tables may turn in the future, and we may see a collective infusion of liquidity, just as we have seen shock spread from one sector to another thus far. However, this may not happen right away since the crypto market has been ready for a drop for some time.  Since Ethereum and other cryptocurrencies are gaining ground, Bitcoin is following suit. Bitcoin is trading at $24,003 with a 4% increase in the last 24 hours as per CMC.

In addition, exchange inflows have been increasing during the previous several days. Merely 10.8k BTC were sent to exchanges on August 7th, according to statistics from CryptoQuant. The 36.7k BTC figure on Tuesday, on the other hand, reveals a shift in mood.

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Crypto Community Predicts Polygon (MATIC) To Rise Nearly 20% By October 31

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Members of the crypto community have cast their ballots, so to speak, and now we’ll find out whether or not their forecast was accurate.

The consensus of the cryptocurrency market predicts a 20% increase in MATIC prices before the month ends, as reported by CoinMarketCap’s price prediction metrics.

This fairly optimistic forecast from the community suggests a high level of faith in both the token and the ecosystem.

Good news has recently hit the Polygon community thanks to a tweet from the official Polygon Twitter account announcing a new collaboration with the trading platform Robinhood.

Will Robinhood Team-Up Bring Good Results?

The tweet suggests that Robinhood has teamed up with Polygon to offer a bitcoin wallet service. FThe Robinhood Wallet app is built with DeFi in mind.

According to Polygon’s blog post, the Robinhood Wallet is a self-custody wallet, meaning that its owner has complete discretion over their cryptocurrency holdings.

Robinhood has made other forays into the cryptocurrency market, so this isn’t their first venture.

From its inception in 2018, it has been actively involved in the crypto industry, with Bitcoin and Ethereum being the first coins to be freely traded on the platform at no cost to traders. The change began in a select number of states.

By 2021, the trade of crypto assets has expanded across the whole United States, with the exception of Hawaii and Nevada.

The trading platform supports 11 cryptocurrencies, including Bitcoin and Ethereum. It also facilitates the trading of alternative cryptocurrencies, similar to Polygon’s MATIC token.

With over 37,000 decentralized applications available on Polygon’s platform, it will undoubtedly aid Robinhood’s most ambitious cryptocurrency endeavor. But how did investors and traders of Polygon respond to the news?

Rally In The Offing For Crypto?

As of this writing, MATIC is trading at $$0.778741, down 0.1 percent in the last seven days, data from Coingecko show, Saturday.

Currently, the token trades between the 50 Fib level ($0.6876) and the 61.80 Fib level ($0.7761).

The present support line lies at $0.7252, which is essential because this will be the support line the bulls can rely on if things go south.

If the price reaches the 61.80 Fib level again, we can expect a slight correction if there is sufficient buy demand.

Investor confidence is high as Polygon presses forward with its Robinhood relationship, given the community projection of a near 20% price increase.

MATIC total market cap at $6.8 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Solana Outage Becoming a Recurring Event Worrying Investors

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Solana Achieves 100 Billion Transactions Milestone
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