• Polygon, an Ethereum Layer-2 scaling solution, has announced that it is laying off 20% of its employees.
• The decision to cut the workforce comes as part of a company restructuring amidst the ongoing crypto winter.
• The company’s treasury remains healthy with a balance over $250 million and 1.9 billion MATIC tokens.

Layer-2 Scaling Solution Polygon Announces Layoffs

Ethereum Layer-2 scaling solution Polygon has announced that it will be laying off around 20% of its workforce as part of a wider company restructuring due to the ongoing crypto winter.

Impact on Employees

The layoffs are set to affect around 100 positions at the company, with impacted employees receiving three months‘ severance pay regardless of their tenure or level. As per Polygon co-founder Sandeep Nailwal, these changes would not impact the day-to-day operations and functioning of Polygon Labs.

Company Fundraising & Strategy

The announcement comes nearly a year after the layer-2 scaling solution had raised $450 million in a funding round led by Sequoia India. Polygon has consolidated multiple businesses under the Polygon Labs banner, with this move seen as part of their strategy for driving mass adoption web3 by scaling Ethereum over the next five years.

Healthy Treasury Balance

Polygon said that its treasury balance remains very healthy at over $250 million and more than 1.9 billion MATIC tokens, helping to crystallize their strategy for mass adoption going forward.

Conclusion

Despite laying off around 20% of its staff, Polygon still remains confident about its strategy for mass adoption going forward thanks to its strong treasury balance and consolidated teams under Polygon Labs

• The current crypto market is experiencing violent ups and downs, but the long-term outlook may be worth it.
• The SEC has tried to dampen the optimism surrounding cryptos, while bitcoin is stuck in a range between $25,000 and $17,600.
• U.S. CPI data will be released on Tuesday and could decide the next move for cryptos.

Choppy Seas for Cryptocurrency Market

The crypto market has been seeing its fair share of highs and lows over the past few months, with some investors feeling unsure about what lies ahead. Despite this uncertainty, there is still potential of great reward if all goes as planned in the long run.

U.S.’s SEC Dampening Optimism

The U.S.’s Securities and Exchange Commission (SEC) has been actively trying to contain the level of positivity in the crypto world by taking measures such as shutting down staking on Kraken exchange earlier this year — much to Commissioner Hester Peirce’s disagreement which was posted publicly on SEC’s website itself. For now, Bitcoin hovers at around midpoint between $25k and $17.6k; should it break downwards, then it may face support at roughly $20k area or lower if things take a turn for worse.

Expect Volatility Around Inflation Data

As altcoins have proven resilient despite recent market cap drop from $390 billion to only $351 billion recently, some retrace can be expected sooner or later — yet an exact destination remains unknown for now. On Tuesday next week, U.S.’s inflation data will be published; investors should brace themselves for volatility before and after the news release as it could determine where cryptos are heading towards — either more balmy seas or stormy ones depending on whether inflation number comes out higher or lower than expected respectively.

Conclusion

Crypto markets have been through turbulent times since January 2021 due to several factors such as SEC’s regulation efforts combined with uncertain inflation data results soon to come; however investors shouldn’t forget that success may still lie ahead if everything unfolds accordingly in time — so hodl tight!

• Bitcoin (BTC/USD) rebounded slightly early in the Asian session, rising above 24000 after bottoming out around 23257.71.
• Stops were recently elected above 23980.62 and 24224.60, which represent buying pressure around 15460 and 20370.01 respectively.
• Upside price objectives related to buying pressure around 16326.16 include 25455, 25774, 27609 and 28004 levels while technical support levels are noted at 22389, 22184, 21230, 20294 etc.

Price Activity

Bitcoin (BTC/USD) rebounded slightly early in the Asian session as the pair rallied back above the 24000 figure after bottoming out around the 23257.71 area. Stops were recently elected above the 23980.62 level, an upside price objective associated with demand around the 20333.33 level; this followed a surge to 24262.18 area after Stops were elected above the 24224.60 level representing buying pressure that emerged around 15460 and 20370.01 areas respectively. The pair’s subsequent pullback to 23208 represented a test of 61% retracement of depreciating range from 22500 to 24262; traders are awaiting further directionality from here on out.

Upside Price Objectives

Upside price objectives related to buying pressure around 16326 include 25455, 25774, 27609 and 28004 levels while upside price objectives related to buying pressure around 15460 area include 26612, 26931 29244 and 29639 levels.

Technical Support & Resistance Levels

Following recent move higher towards multi-month highs; technical support levels & areas of potential buying pressure are noted at 22389, 22184, 21230, 20294 etc while stops are cited below 18199 18024 17537 and 17343 levels respectively.

Moving Averages

Traders are observing that 50-bar MA (4-hourly) is bullishly indicating above 100-bar MA (4-hourly) & 200-bar MA (4-hourly). Also 50-bar MA (Hourly) is bullishly indicating above 100-bar MA (Hourly) & 200-bar MA (Hourly). Price activity is nearest 50-bar MA (4 hourly) at 23296 & 50 bar MA(Hourly) at 23508.

Conclusion

Overall BTC/USD is bouncing off its lows but we may yet see more volatility before it settles into a new trend direction; technically significant areas include 15900 15512 15313 14500 14364 13369 10727 10432 9682 8837 and 7538 levels; traders should watch for further developments closely as they await further directionality from here on out..