Why did MATIC's price drop today? Crypto sentiment wanes

MATIC ( MATIC-USD ), the native token of the polygon scaling solution, slid as much as 5.4% Monday as sentiment among cryptocurrency traders worsened against a backdrop of stronger-than-expected and economic data and consequently growing fears of higher-for-longer interest rates. Polygon's MATIC ( MATIC-USD ) changed hands at $1.23, down 4.4% , a of shortly before 5:00 p.m. ET. By comparison, bitcoin ( BTC-USD ) slipped 0.8% to $23.36K and ethereum ( ETH-USD ) dipped 1% to $1.62K. Since the start of 2023, though, MATIC ( MATIC-USD ), like many other major tokens, soared nearly 60% despite increased regulatory scrutiny of the industry on top of concerns about a more hawkish Federal Reserve. Earlier, polygon funds reportedly saw minor inflows of $600K for the week ended Feb. 24.