Bitcoin hits $24,000; Uniswap & Polygon rise up to 12%

   2022-07-29 10:07

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

Bitcoin topped the $24,000 level, despite the fact that US GDP contracted more than expected. Risk appetite is roaring back but experts believe that it is too quick to jump to any conclusion.



Barring the US dollar-pegged stablecoins, all other top crypto tokens were trading higher. Solana rallied over 9 per cent, whereas Polygon and Uniswap rose over 8 per cent each. Avalanche rallied 7 per cent, whereas Dogecoin added 6 per cent.

The global cryptocurrency market cap was trading sharply higher at the $1.10 trillion mark, rising more than 4 per cent in the last 24 hours. However, the total trading volume jumped almost 16 per cent, 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 central bank’s latest interest rate hike and its support is now at $21,000, while resistance is $25,000, said Edul Patel, CEO & co-founder, Mudrex.

“The second largest cryptocurrency, Ethereum, rocketed too,” he added. “If bulls can hold Ethereum at the current level today, we might see it testing the $1,7000 level, which can lead to the $2,000 level in the coming week.”

Global updates
Nirvana Finance, a Solana-based yield protocol, suffered a $3.5 million exploit utilizing flash loans to manipulate and drain its liquidity pools, blockchain data shows.

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

Digital-asset mining and staking firm Foundry is starting a new supply-chain management service designed to make delivery of bitcoin-mining computers more efficient as the industry is gripped with logistical issues.

Tech view by BuyUcoin cryptocurrency exchange
Uniswap rallied on protocol charge news. Uniswap is an important token in the Defi ecosystem which rewards the liquidity providers from the fees earned through user trade.

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

There is a lot of clarity required in terms of implementation of the ‘Fee switch’ and the growth moment will depend on the community feedback on the success of the ‘fee switch’ and its real-world benefit to the Uniswap community.

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


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