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Polygon has allocated an estimated $1 billion on zero-knowledge technology underpinning its Ethereum scaling layer 2 solutions. Polygon co -founder Sandeep Nailwal believes the layer 2 blockchain firm is reaping the benefits of allocating $1 billion to develop zero-knowledge proof (ZK-proof) powered scaling solutions for the Ethereum ecosystem. Speaking at a keynote address during the latest edition of the Token2049 conference in Singapore, Nailwal touched on the development of 'Polygon 2.0' scaling efforts and the promise of recursive ZK-proof technology to create a seamless interoperable blockchain ecosystem. Polygon co-founder Sandeep Nailwal at Token2049 in Singapore. Nailwal highlighted how Web2 and Web3 are similar in form and function, with the former serving as the internet of information with “practically unlimited scalability” as well as the ability to transfer or convey information in various forms seamlessly across the world at great speeds. Related: Polygon’s ‘h...

Bitcoin is at the pivotal 50-day SMA support and a drop below this level could result in accelerated selling in BTC and altcoins. Bitcoin (BTC) plunged to $29,000 on July 24, signaling that bears are trying to seize control. It looks like the failure to hold on to the higher levels may have tempted short-term bulls to book profits and aggressive bears to initiate short positions. Although the near term looks bearish, long-term investors remain unfazed and they continue to hold on to their positions. Glassnode data shows that Bitcoin’s Long-Term Holder Supply made a new high of 14.52 million Bitcoin, “equivalent to 75% of the circulating supply.” Daily cryptocurrency market performance. Source: Coin360 While the cryptocurrency markets have turned soft in the near term, the United States equities markets remain on a strong footing. The Dow Jones Industrial Average has risen for ten straight days, its longest streak since 2017. However, things could change this week with a slew of key ea...

Bakkt Takes a Stance As reported by Fortune, the Georgia, United States digital currency platform took the stand to delist the three digital currencies based on the regulatory uncertainty hovering around them. The company’s General Counsel Marc D’Annunzio told Fortune it was taking action “until there is further clarity on how to compliantly offer a more extensive list of coins.” advertisement Bakkt, unlike mainstream digital currency trading platforms, is known to support just a streamlined list of digital currencies and the firm delisted the duo of Algorand (ALGO) and Decentraland (MANA) a few months back after the SEC filed a lawsuit against Bittrex.  With the crackdowns in the industry becoming more encompassing, Bakkt has chosen to stay on the side of caution and to effectively manage the small list of assets without controversy on its platform. At this time, Bakkt only supports the trading of Bitcoin (BTC), Ethereum (ETH), Dog...

Market observers will closely watch the United States CPI data and the Fed’s policy decision to provide direction to the stock and crypto markets. After the tough sell-off seen in the past week, the cryptocurrency markets will be looking for some support from the macroeconomic data this week. The all-important United States Consumer Price Index report on June 13 will be followed up by the Federal Reserve’s policy decision on June 14.  Both these events could trigger a sharp response from equities and crypto traders. While a knee-jerk reaction is expected, it will be interesting to note if there is any follow-up to it. Traders may remain cautious as market volatility is likely to pick up over the next few days. Daily cryptocurrency market performance. Source: Coin360 Although the lawsuit by the U.S. Securities and Exchange Commission (SEC) against Binance and Coinbase has weakened sentiment, Bitcoin (BTC) whales are using this opportunity to increase their holdings. Behavior analytics ...

Over the past 30 days, NFT sales volume on prominent blockchain s like Ethereum, BNB Chain, and Flow has declined by 14%-41%. However, on other chains like Solana , Polygon , Cardano , and Arbitrum, the numbers have risen in the 11% to 64% bracket. That said, it should be noted that the rise in sales has not corresponded with a rise in the number of buyers and transactions in all cases. Thus, it can be said that even the NFT market is moving in tandem with the crypto market, as indecisiveness continues to prevail. Source: CryptoSlam Moreover, the bigger picture seems to be even bleaker. A recent tweet from the Director of Research at “PROOF” brought to light that the banking crisis likely instigated a “structural shift” within the NFT arena. In fact, according to Sam, aka NFTStatistics, “Since the SVB saga, unique NFT buyers per day have been about 25% lower than they were before. Feels a bit like a structural shift happened then.” Reasoning out why, the research execu...