Important Trader Doubles Down On Polygon (MATIC), and Solana (SOL)

An important trader doubled down on Polygon and Solana. Check out the latest reports about  this below.

A well-known crypto trader who has maintained a negative outlook on the digital asset markets this year is reinforcing his predictions by increasing his short position on a major token.

Going by the name Capo, this trader is informing his 64,703 Telegram followers that he is expanding his existing short position on Polygon (MATIC), which is a scaling solution for Ethereum (ETH).

At the moment of writing, MATIC is being traded at approximately $0.903. As the 11th largest cryptocurrency in terms of market capitalization, it has experienced a 0.55% decrease in value within the last 24 hours.

According to Capo, he currently has 65% of his portfolio in US dollars and the remaining 35% in mid-term short positions.

In addition to MATIC, he is also taking a bearish stance on several other cryptocurrencies.

These include Binance Coin (BNB), which serves as the utility token for the BNB Smart Chain, as well as Aave (AAVE), a decentralized finance (DeFi) protocol for lending and borrowing.

He’s also shorting Tron (TRX), a platform for decentralized storage and distribution, and Solana (SOL), a competitor to Ethereum.

A group of economically-aligned nations known as BRICS is reportedly sorting through a surge of interest from countries who are wishing to join the coalition.

It’s important to note the fact that the group, which is exploring the launch of a global currency that would circumvent the US dollar, is preparing to respond to a wave of applications from like-minded countries, reports Telesur.

Naledi Pandor, South Africa’s Foreign Affairs Minister, says BRICS leaders will release a list of requirements for those who are looking to join. STay tuned for more news from the crypto space.