Bitcoin Hits $24,000; Uniswap and polygon rise up to 12%

Bitcoin Hits ,000;  Uniswap and polygon rise up to 12%

New Delhi: The crypto market continued to rally on Friday as traders believed that the worst of inflation is over and the markets will see a quick recovery.

Bitcoin topped the $24,000 level, despite US GDP falling more than expected. Risk appetite is roaring back, but experts believe it is too soon to draw any conclusions.

Apart from US dollar-pegged stablecoins, all other top crypto tokens traded higher. Solana rose over 9 percent, while Polygon and Uniswap rose over 8 percent each. Avalanche increased by 7 percent, while Dogecoin increased by 6 percent.

The global cryptocurrency market capitalization traded sharply higher at $1.10 trillion, rising more than 4 percent in the past 24 hours. However, total trading volume jumped nearly 16 percent, close to $107.69 billion.

Expert take
Bitcoin and Ethereum rose for another day. Bitcoin topped the $24,000 level in response to the US Federal Reserve’s latest rate hike, and support is now at $21,000, while resistance is at $25,000, said Edul Patel, CEO and co-founder, Mudrex.

“The second largest cryptocurrency, Ethereum, also rocketed,” he added. “If bulls can hold Ethereum at current levels today, we could see it test the $1.7000 level, which could lead to the $2,000 level in the coming week.”

Global updates
Nirvana Finance, a Solana-based returns protocol, was exposed to a $3.5 million exploit using flash loans to manipulate and drain its liquidity pools, blockchain data shows.

Beleaguered crypto exchange Zipmex filed in Singapore to seek bankruptcy protection amid the threat of legal action from creditors.

Digital asset mining and betting firm Foundry is launching a new supply chain management service designed to make the supply of bitcoin mining computers more efficient as the industry grapples with logistical issues.

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Technical view of BuyUcoin cryptocurrency exchange
Uniswap rallied on protocol charging news. Uniswap is an important token in the Defi ecosystem that rewards the liquidity providers from the fees earned through user trading.

In the new ‘Fee Switch’, a small percentage of the user fee will be distributed among the community of Uniswap holders, so the Uniswap holders will earn just by holding Uniswap. The upward trend in Uniswap prices has been phenomenal as it is up almost 142 percent from its lowest price this year.

A lot of clarity is required on the implementation of “fee swapping” and the moment of growth will depend on community feedback on the success of “fee swapping” and its real benefit to the Uniswap community.

(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Consult your financial advisor before taking any position in the asset(s) mentioned.)

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