Polygon Holds Steady at $0.37 But Is it Time to Worry About SAND and AAVE?
- POL’s $0.4250 support remains critical for stability amid reduced trading volume.
- SAND faces $0.3350 as key support, with declining volume signaling lower momentum.
- AAVE consolidates near $161.00 support, eyeing a potential breakout past $165.00.
Polygon (POL) is holding steady at $0.37 despite a recent dip, while The Sandbox (SAND) and Aave (AAVE) are facing bearish pressure. Let’s find out if these altcoins can recover and follow Polygon’s lead.
Polygon (POL) Navigating a Volatile Landscape
POL’s price has faced downward pressure, currently trading at $0.4537, marking a 5.50% increase for the day.
Significantly, $0.4400 acts as a strong resistance, followed by $0.4350, which limits upward momentum during recoveries. On the downside, $0.4250 serves as a pivotal support, while $0.4200 could emerge as a lower boundary if bearish sentiment persists.
Source: CoinMarketCap
Consequently, a hold above $0.4250 could promote consolidation within $0.4300–$0.4350. However, breaking $0.4250 could lead to further declines. A 26.10% volume drop and a 2.32% market cap reduction highlight reduced activity.
The Sandbox (SAND) Battling Persistent Dow…
The post Polygon Holds Steady at $0.37 But Is it Time to Worry About SAND and AAVE? appeared first on Coin Edition.
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Coinbase Suspending Wrapped Bitcoin (wBTC) Trading as cbBTC Surges
The largest cryptocurrency exchange in the United States, Coinbase, has announced that it is suspending the trading of wrapped Bitcoin (wBTC) as its own cbBTC offering continues to rise in value. In a post to X (formerly Twitter), the exchange announced that the suspension comes as part of a compliance review for the cryptocurrency.
The exchange notes that the asset will be suspended on December 19th, around 12pm ET. The move is a regular monitoring practice, as the firm looks to affirm all listed tokens “meet our listing standards.” Moreover, the rise of Coinbase’s own wrapped Bitcoin option has undoubtedly played a part in the decision.
We regularly monitor the assets on our exchange to ensure they meet our listing standards. Based on our most recent review, Coinbase will suspend trading for wBTC (wBTC) on December 19, 2024, on or around 12pm ET.
— Coinbase Assets(@CoinbaseAssets) November 19, 2024
Also Read: Coinbase Officially Lists the Meme Coin PEPE
Coinbase Suspending wBTC as Exchanges Alternative Skyrockets
The success of Bitcoin in 2024 has seemingly taken the finance world by storm. With analysts projecting the asset to continue surging, it has already set a new all-time high Wednesday of $94,000. Moreover, the market is awaiting a potential increase to the $100,000 level in the coming months.
That has increased the interest in the leading cryptocurrency and also in wrapped Bitcoin options. Those digital assets are BTC that can be used across the Ethereum network. They have proven to be in demand, as Coinbase has announced the suspension of wrapped Bitcoin (wBTC) as its own cbBTC has enjoyed a meteoric rise.
Also Read: Coinbase CEO Predicts Crypto Payments Will Skyrocket Soon
The exchange announced suspended trading on both Coinbase and Coinbase Prime. However, that will not have an effect on wBTC holders. Indeed, they will maintain full access to their holdings and be able to withdraw whenever they please. As the suspension approaches, the exchange has moved wrapped Bitcoin to a limit-only mode.
Coinbase’s cbBTC has been performing remarkably well since its launch. The token has recently surpassed a market cap of $1 billion. Moreover, it has boasted increasing adoption and trust within the sector. The recent market cap milestone could be set to ensure it is the leading wrapped Bitcoin option in the foreseeable future.
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