Why Polygon (MATIC) Is Falling

Polygon MATIC/USD is trading lower by 3.69% to $0.83 Thursday afternoon. The altcoin is trading lower in sympathy with the broader crypto market amid a fall in the price of Bitcoin and Ethereum.

Shares of several popular cryptocurrencies are falling in possible reaction to April PPI data. Producer prices for final demand rose 0.2% month-over-month in April versus a revised 0.4% decline in the prior month.

Meanwhile, U.S. initial jobless claims rose by 22,000 to 264,000 in the week ending May 6, above market estimates of 245,000.

See Also: Shiba Inu Follows Dogecoin Into Consolidation, Readies For A Move In One Direction

What Else Is Going On With Crypto Thursday?

Crypto-related stock Riot Platforms is also experiencing marked weakness during Thursday's trading session and is falling after the company reported mixed first-quarter financial results.

Riot Platforms reported first-quarter FY23 results after the Wednesday close, missing results on top and bottom line estimates, driven by an overhang from its data-center segment, which saw costs rise 46% QoQ...Read More