On July 14, cryptocurrency traders had cause to rejoice. The market witnessed a constructive buying and selling session simply at some point after the Shopper Worth Index (CPI) introduced a June studying of 9.1 %, its highest degree since 1981. Bitcoin, Uniswap, Polygon, and Aave all went inexperienced simply at some point after the most important CPI print in over 4 a long time.
For seasoned merchants accustomed to a one to two-day bounce in asset costs following the newest CPI prints, the market’s transfer increased was not wholly sudden. These merchants additionally perceive that there’s nothing to be enthusiastic about as a result of earlier rebounds have usually been adopted by extra draw back when individuals acknowledge that the excessive inflation print is a destructive growth.
Nonetheless, after a horrible begin to 2022, the inexperienced out there is a welcome sight. The highest gainers within the final 24 hours, in response to Cointelegraph Markets Professional and TradingView statistics, had been Uniswap (UNI), Polygon (MATIC), and Aave (AAVE). Uniswap, the most important decentralized change by way of quantity, had its token worth rise on July 13 after hitting a low of $5.23. Since then, the token has risen 36% to a day by day excessive of $7.11 on July 14, with a 104 % improve in 24-hour buying and selling quantity to $449 million.
The sudden improve in UNI worth and buying and selling exercise coincides with the announcement by distinguished brokerage agency Robinhood that the UNI token is now accessible to commerce on the platform, exposing the asset to a giant cohort of recent purchasers who shouldn’t have accounts on different cryptocurrency exchanges. Polygon is likely one of the main layer-two scaling options for the Ethereum community, offering customers and protocols with quicker, lower-fee transaction experiences.
Based on information from Cointelegraph Markets Professional and TradingView, after briefly falling to a low of $0.52 on July 13, the value of MATIC rose 36% to a day by day excessive of $0.707 on July 14 on the again of a 120 % improve in its 24-hour buying and selling quantity. MATIC’s worth hike comes after Disney introduced that the protocol was the one blockchain chosen for its 2022 Accelerator Program.
Aave, a well-liked decentralized finance community, is a lending and borrowing protocol with $5.63 billion in whole worth locked (TVL), rating it second solely to MakerDAO by way of TVL. Based on Cointelegraph Markets Professional and TradingView information, the value of AAVE has risen 38.5 % within the final 24 hours, from a low of $67.10 to a day by day excessive of $93 within the afternoon hours of July 14.
On July 7, Aave ignited group pleasure by asserting plans to launch its GHO stablecoin, a collateral-backed stablecoin distinctive to the AAVE ecosystem. The entire cryptocurrency market cap is presently $927 billion, with Bitcoin dominating at 42.6 %.
Featured Picture: Megapixl @AlexanderSikov
