Bitcoin reached $24,000; Uniswap & Polygon Increase Up to 12%

New Delhi: The crypto market continued to rally on Friday as traders believed the worst of inflation was now over and markets saw a rapid recovery.

Bitcoin broke above the $24,000 level, despite the US GDP contracting more than expected. Risk appetite is back, but experts felt it’s too quick to draw a conclusion.

With the exception of US dollar-pegged stablecoins, all other major crypto tokens were trading higher. Solana was up over 9%, while Polygon and Uniswap were up over 8% each. Avalanche rose 7%, while Dogecoin added 6%.

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

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Expert Price
Bitcoin and Ethereum rose for another day. Bitcoin broke above the $24,000 level in the latest interest rate hike response from the US central bank and its support is now at $21,000, while resistance is at $25,000, Edul Patel said, CEO and co-founder of Mudrex.

“The second largest cryptocurrency, Ethereum, also exploded,” he added. “If the bulls can hold Ethereum at the current level today, we need to see it test the $17,000 level, which may lead to the $2,000 level next week.”

Global Updates
Nirvana Finance, a Solana-based yield protocol, suffered a $3.5 million exploit using flash loans to manage and drain its liquidity pools, according to blockchain data.

Embattled crypto exchange Zipmex has filed petitions in Singapore seeking bankruptcy protection amid the threat of legal action from creditors.

Digital asset mining and staking company Foundry is launching a new supply chain management service designed to make the delivery of bitcoin mining computers more efficient as the industry grapples with… logistical problems.

Technical view by BuyUcoin cryptocurrency exchange
Uniswap rallied on the protocol fee news. Uniswap is an important token in the Challenge ecosystem that rewards liquidity providers from fees collected through user trading.

In the new “fee switch”, a small percentage of users’ exchange fees will be split among the community of Uniswap holders, so Uniswap holders will earn simply by holding Uniswap. The upward trend in Uniswap prices has been phenomenal, as it is almost up 142% from its lowest price this year.

There is a lot of clarity required in terms of the implementation of the “fee change” and the timing of growth will depend on community feedback on the success of the “fee change” and its actual benefits to the Uniswap community.

(The opinions and recommendations given in this section are those of the analysts and do not represent those of ETMarkets.com. Please consult your financial advisor before taking a position in any assets mentioned.)

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