Cumberland, Chicago-based Crypto Trading Firm, Transfers $9.8M Worth of MATIC to Binance and Coinbase
Cumberland Transfers 9 Million MATIC Tokens Worth $6.3M to Binance and 5 Million MATIC Tokens Worth $3.5M to Coinbase within 7 Hours, Reveals Lookonchain Data.
Over the past 16 hours, #Cumberland has deposited 9M $MATIC ($6.3M) into #Binance and 5M $MATIC ($3.5M) into #Coinbase.
A total of 14M $MATIC ($9.8M) was deposited to exchanges.
And the price of $MATIC dropped by ~29%.https://t.co/9wKI6alh2s pic.twitter.com/P4NkUZ3Zgy
— Lookonchain (@lookonchain) June 10, 2023
Cumberland Executes Six Small MATIC Token Transactions, Ranging from 1.5M to 2M, Amid Rising Whale and Institutional Transfers, Indicating a Possible Dumping Trend.
As Cumberland Transfers MATIC to Coinbase and Binance, Another Whale Makes a 9.4 Million MATIC Deposit, Fueling Exchange Activity
Another whale related to #Robinhood, Jump Trading, and #Cumberland deposited 9.4M $MATIC to exchanges in the past 15 hours.
Seems like whales/institutions are dumping $MATIC!https://t.co/yqoxOYkwvw pic.twitter.com/OCTGrXs3Iz
— Lookonchain (@lookonchain) June 10, 2023
MATIC tanking
Whale Alert Reports Massive Transfer of 46,908,173 MATIC Tokens Worth $32.6M from Binance US to Unknown Wallet, Deepening MATIC Market Uncertainty.
🚨 🚨 46,908,173 #MATIC (32,595,499 USD) transferred from #BinanceUS to unknown wallethttps://t.co/VMahfxIkVS
— Whale Alert (@whale_alert) June 10, 2023
As these entities flood exchanges with MATIC tokens, the timing aligns with a substantial downturn in the token’s price. Over this period, MATIC experienced a staggering decline of around 29%, largely attributed to the immense selling pressure exerted by the deposited tokens.
According to CoinGecko data, the coin commenced trading at $0.7882 but concluded the period with a value of $0.5583. The crypto sector has been in a state of turmoil, and numerous observers attribute this to the recent crackdown by the U.S. Securities and Exchange Commission (SEC) on major platforms like Binance and Coinbase. The regulatory actions have created ripples of uncertainty throughout the industry.
In a series of lawsuits, the regulatory authority, the U.S. Securities and Exchange Commission (SEC), has filed charges against Binance and its founder Changpeng Zhao (CZ), alleging violations of securities regulations and misleading investors. Simultaneously, the SEC has declared Coinbase as an illegal exchange, intensifying the legal scrutiny surrounding both platforms. These actions by the SEC have cast a shadow of doubt on the compliance practices and operations of these prominent cryptocurrency exchanges.
In addition, the U.S. Securities and Exchange Commission (SEC) has raised concerns about several cryptocurrencies, such as MATIC, Solana (SOL), and Cardano (ADA), categorizing them as unregistered securities. By highlighting these digital assets, the SEC has further intensified the regulatory scrutiny surrounding their compliance with securities laws. This development has added to the growing uncertainty and potential impact on the market dynamics of these particular cryptocurrencies.
Also Read:Â SEC Crackdown Prompts $4B Deposit Exodus from Binance, Coinbase, and Binance.US
Important:Â This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.
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