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On July 14, cryptocurrency traders had cause to rejoice. The market witnessed a constructive buying and selling session simply someday after the Shopper Value Index (CPI) introduced a June studying of 9.1 p.c, its highest stage since 1981. Bitcoin, Uniswap, Polygon, and Aave all went inexperienced simply someday after the largest CPI print in over 4 many years.
For seasoned merchants accustomed to a one to two-day bounce in asset costs following the newest CPI prints, the market’s transfer larger was not wholly surprising. These merchants additionally perceive that there’s nothing to be enthusiastic about as a result of earlier rebounds have typically been adopted by extra draw back when folks acknowledge that the excessive inflation print is a destructive improvement.
Nonetheless, after a horrible begin to 2022, the inexperienced available in the market is a welcome sight. The highest gainers within the final 24 hours, in accordance with Cointelegraph Markets Professional and TradingView statistics, have been Uniswap (UNI), Polygon (MATIC), and Aave (AAVE). Uniswap, the biggest decentralized alternate by way of quantity, had its token value rise on July 13 after hitting a low of $5.23. Since then, the token has risen 36% to a each day excessive of $7.11 on July 14, with a 104 p.c improve in 24-hour buying and selling quantity to $449 million.
The sudden improve in UNI value 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 an enormous cohort of recent purchasers who should not have accounts on different cryptocurrency exchanges. Polygon is without doubt one of the main layer-two scaling options for the Ethereum community, offering customers and protocols with sooner, 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 each day excessive of $0.707 on July 14 on the again of a 120 p.c improve in its 24-hour buying and selling quantity. MATIC’s value 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 complete 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 p.c within the final 24 hours, from a low of $67.10 to a each day excessive of $93 within the afternoon hours of July 14.
On July 7, Aave ignited neighborhood pleasure by saying 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 p.c.
Featured Picture: Megapixl @AlexanderSikov
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