Coindesk

Polygon (POL) rose 9% in early U.S. morning trading hours from $0.206 to $0.225 before selling emerged in the afternoon, CoinDesk Analytics data shows.The token saw significant volatility overnight as volume surges to 708,489 and 804,401 units, crushing the 24-hour average of 410,606, before heavy selling pressure emerged, establishing critical resistance for near-term action.POL is currently trading at $0.221, up about 3% over the past 24 hours. It is outperforming the broader market as tracked by the CoinDesk 20 Index, which is down about 2.4% over the same period.The token is down more than 90% from its all-time high of $2.92 in December 2021 even as other cryptos such as bitcoin (BTC) and XRP have surged to new highs recently.Polygon...

Participants in liquid staking, including depositors and providers, do not need to worry about securities law disclosures, the U.S. Securities and Exchange Commission said in a staff statement on Tuesday. The statement, published by the Division of Corporation Finance, is specific to liquid staking, where participants deposit "covered crypto assets" into a third-party staking protocol provider, which in turn provides receipt tokens to the depositors. Liquid staking allows users to lock up tokens in proof-of-stake blockchains while still maintaining access to their funds through derivative tokens. These tokens can then be used for various DeFi activities. Currently, liquid staking across all blockchains has nearly $67 billion in total-value-locked (TVL), with $31.7 billion in Lido, according to DefiLlama data. Tokens tied...

Slash, a San Francisco-based neobank for businesses, launched a payments and treasury platform powered by a new U.S. dollar stablecoin issued by Stripe's Bridge on Tuesday.The product, called the Global USD Account, is aimed at companies seeking U.S. dollar access and cross-border payments without a U.S. bank account. It introduces Slash’s own stablecoin, USDSL, which lets users store, send and receive dollars or stablecoins in one account, the company announced.The setup aims to shorten settlement times and remove foreign exchange fees for cross-border payments to U.S. suppliers, the company said in an interview with CoinDesk.Stablecoins, a type of cryptocurrencies pegged to external assets like the U.S. dollar, have grown into a $250 billion market, often touted as a faster, cheaper...

BNB fell over 1% in the past 24 hours to briefly drop below the $750 support level, which it is currently holding on to. The drop came after a brief rally that moved it over the $760 line.The cryptocurrency’s previous rally was driven by corporate adoption and Binance product rollouts. The drop came as a wider market sell-off, triggered by bitcoin’s decline to $112,800, sparked $360 million in liquidations according to CoinGlass.Just a day earlier, BNB broke through key resistance levels at $759 and $761 on a coordinated wave of buying, according to CoinDesk Research's technical analysis model. Volume surged 50% above daily averages, fueled in part by Binance launching a web version of its wallet and opening bitcoin options...

Adding to the shocking downward jobs growth revisions on Friday — which sent crypto prices tumbling — the ISM Services PMI all of a sudden is beginning to consistently indicate softer-than-though economic activity.The ISM Services for July came in at 50.1, sizably lower than the 51.5 expected. A number above 50 indicates economic expansion, and below that level contraction.The soft print is notable as it's now a three-month pattern of weakness, with May's number having been 49.9 and June's 50.8 — a very notable slowdown from previous months.Compounding that sign of economic weakness was a stagflationary signal embedded in the report, the Prices Paid subindex, which shot up to a cycle high of 69.9."Tariffs are causing additional costs as we...