Why Polygon (MATIC) Is Getting Hammered Today

Why Polygon (MATIC) Is Getting Hammered Today

Polygon MATIC/USD is trading lower by some 14.37% to $1.08 per Benzinga Pro Tuesday afternoon. The altcoin is lower amid concerns over the financial condition of cryptocurrency exchange FTX.

What Happened?

Reports surfaced Tuesday that FTX was halting withdrawals as it saw investors liquidate positions.

As investors were dissecting the news and impact from the selloff, the leaders of Binance and FTX made a surprising announcement.

“This afternoon, FTX asked for our help. There is a significant liquidity crunch. To protect users, we signed a non-binding LOI, intending to fully acquire FTX.com and help cover the liquidity crunch. We will be conducting a full DD in the coming days,” Binance CEO Changpeng Zhao tweeted...Read More

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