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On July 14, cryptocurrency buyers had purpose to rejoice. The market witnessed a optimistic buying and selling session simply at some point after the Client Worth 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 at some point after the largest CPI print in over 4 a long time.
For seasoned merchants accustomed to a one to two-day bounce in asset costs following the latest CPI prints, the market’s transfer increased 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 unfavorable improvement.
Nonetheless, after a horrible begin to 2022, the inexperienced out there is a welcome sight. The highest gainers within the final 24 hours, in line with Cointelegraph Markets Professional and TradingView statistics, had been Uniswap (UNI), Polygon (MATIC), and Aave (AAVE). Uniswap, the most important decentralized trade when it comes to 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 day by 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 a giant cohort of latest purchasers who do not need accounts on different cryptocurrency exchanges. Polygon is among the main layer-two scaling options for the Ethereum community, offering customers and protocols with quicker, lower-fee transaction experiences.
In accordance with knowledge from Cointelegraph Markets Professional and TradingView, after briefly falling to a low of $0.52 on July 13, the worth of MATIC rose 36% to a day by 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 whole worth locked (TVL), rating it second solely to MakerDAO when it comes to TVL. In accordance with Cointelegraph Markets Professional and TradingView knowledge, the worth of AAVE has risen 38.5 p.c 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 saying plans to launch its GHO stablecoin, a collateral-backed stablecoin distinctive to the AAVE ecosystem. The entire cryptocurrency market cap is at the moment $927 billion, with Bitcoin dominating at 42.6 p.c.
Featured Picture: Megapixl @AlexanderSikov
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