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MATIC Price To Remain Under $2! Deposits And Withdrawals Of Polygon Paused?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Mar 16, 2022

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Highlights

    Polygon team to host building Web3 event on the 17th of March 2022.

    Binance temporarily halts deposits and withdrawals for the Polygon network

The global cryptocurrency market continues to spectate a host of events running across a plethora of protocols from its directory. This time around it is Polygon, which is back to talks amongst folks in the business. Folks from the business keen on the fast evolving world of technologies, are now looking forward to Polygon’s building Web 3.0 event.

Meanwhile, Binance temporarily halts deposits and withdrawals of the Polygon network. The halt coming after all the updates and fixes done by Polygon developers on PoS infrastructure irks users. On the other hand, investors and traders pin hawk’s eye on the price projections of Polygon’s digital asset MATIC.

Polygon’s Congestion Continues To Haunt Users?

The Polygon team will be hosting an event, which will address the future of the internet. Polygon maker Sandeep Nailwal, venture capitalist Kevin O’ Leary, and other proficient minds from the industry. Will be the speakers to the week’s “Building Web 3.0” fireside chat.The event will be held on the 17th of March 2022, at 1 pm EST.

Conversely, the recent outage in Polygon’s network which led to a recall of events from Solana’s downtime. Has found a complete solution over the weekend, as the makers have rolled-out updates and fixes over the network. According to the makers, the complete Polygon PoS infrastructure is now live for normal operations.

Successively, it is understood from the team that PoS bridge has been live for normal operations since the weekend’s fix. Alongside the PoS bridge for deposits and withdrawals. That said, any pending deposits and withdrawals have been processed. 

However, there continues to remain a bummer, as Binance has made announcements. Of them temporarily halting deposits and withdrawals for the Polygon network. That said, the Polygon’s developers have made clarifications that the Polygon PoS network is stable and working fine, with secure funds. And that Binance is upgrading its nodes and syncing the block data.

MATIC Price To Remain Under The $2 Slab?

  MATIC price at the time of press is changing hands at $1.37 with gains of 0.0%. Whilst the market cap is hovering around $9,393,259,520, the volume of trades for around the clock is at $644,353,141. MATIC price has been ranging in the 24-hour bandwidth from the lows of $1.34 to the highs of $1.38.

The altcoin is continuing its downtrend with its lower highs on the charts. And is presently testing the lower zones for the third time. The price projection of MATIC is in tandem with the broader market. And the digital asset would probably wait until BTC breakout of its downtrend.

Summing up, whilst the event around building web 3.0 and the future of the internet is a welcoming event. Which would further empower creators and developers in the space. The temporary halt in transactions on Binance coming right after the fixes did take a toll on users. 

That said, according to some sources, Polygon ranks the third place in terms of active address on a 7D frame. Being just behind Binance and Ethereum, the feat comes despite the turmoil in the network. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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