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Other major cryptocurrencies have also seen significant price drops. Ethereum ($ETH), the second-largest cryptocurrency by market value, is down 2.23%. Solana ($SOL) has fallen by 2.82%, and XRP by 2.19%.

Cryptocurrency market struggles: Bitcoin and major coins see price declines

The charges stemmed from Uniswap offering leveraged tokens, which are complex financial products, to retail investors. The CFTC said this was illegal because the platform didn’t have proper authorisation.

CFTC settlement with Uniswap for $175K draws Commissioner dissent

POL will be central to Polygon’s goal of transforming into a zero-knowledge (ZK) chain, a technology that enhances privacy and efficiency. 

Polygon’s token upgrade: A simple guide to the MATIC-to-POL switch