A “Miner” Setback
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Global investors were fleeing from risk assets on Tuesday as the debt-ceiling fight in Washington reached an impasse. The S&P 500 dipped 2% as concerns over the U.S. hurtling towards a government shutdown heightened, following the rejection of a debt-ceiling suspension by the Senate. Fears over the looming twin fiscal disasters sparked warnings of a stock market crash, withRich Dad Poor Dadauthor Robert Kiyosaki advising investors to “get gold, silver, bitcoin and ethereum”. A good piece of advice on an average day — except that the crypto market just saw a 4% pullback in the past 24 hours, with Layer 1 Blockchain platforms diving head first. On the bright side, not every notable cryptocurrency took it hard this round. UNI saw a 4.35% gain amid broader market pessimism, while Polygon has managed to eclipse Ethereum L1 in daily active address for the first time, in spite of the 1% price dip, showing signs of accelerated adoption.