Bitcoin, Uniswap, Polygon and Aave turned green just a day after the highest CPI print in over 40 years.
Crypto investors found cause for celebration on July 14 as the market experienced a positive trading session just one day after the Consumer Price Index (CPI) posted a June print of 9.1%, its highest level since 1981.Daily cryptocurrency market performance. Source: Coin360
The move higher in the market wasn’t entirely unexpected for seasoned traders who have become familiar with a one to two-day bounce in asset prices following the most recent CPI prints. These traders also know there’s nothing to get too excited about as the bounces have typically been followed by more downside once people realize that the high inflation print is a negative development.
Nevertheless, the green in the market is a welcome sight after the rough start to 2022.Top 5 coins with the highest 24-hour price change. Source: CoinMarketCap
Uniswap, the top decentralized exchange by volume, saw its token price head higher on July 13 after hitting a low of $5.23. The token has since climbed 36% to hit a daily high of $7.11 on July 14 amid a 104% spike in its 24-hour trading volume to $449 million.UNI/USDT 4-hour chart. Source: TradingView
The sharp turnaround in UNI price and trading volume comes as the popular brokerage firm Robinhood announced that the UNI token is now available to trade on the platform, exposing the asset to a large cohort of new buyers who don’t have accounts on other cryptocurrency exchanges.
Polygon is one of the top layer-two scaling solutions for the Ethereum network that offers a faster, lower-fee transaction experience for users and protocols.
Data from Cointelegraph Markets Pro and TradingView shows that after briefly dipping to a low of $0.52 on July 13, the price of MATIC spiked 36% to hit a daily high at $0.707 on July 14 on the back of a 120% spike in its 24-hour trading volume.MATIC/USDT 4-hour chart. Source: TradingView
MATIC’s price increase follows an announcement that the protocol was the only blockchain selected by Disney to be part of its 2022 Accelerator Program.
Aave, a populardecentralized finance platform, is a lending and borrowing protocol that currently holds $5.63 billion in total value locked (TVL), making it the second-ranked DeFi platform by TVL behind MakerDAO.
Data from Cointelegraph Markets Pro and TradingView shows that over the past 24-hours, the price of AAVE has rallied 38.5% from a low of $67.10 to hit a daily high of $93 in the afternoon hours on July 14.AAVE/USDT 4-hour chart. Source: TradingView
Aave sparked excitement within its community on July 7 when it revealed plans to release its own GHO stablecoin, which will be a collateral-backed stablecoin that is native to the AAVE ecosystem.
1/ Calling all GHOsts— Aave (@AaveAave) July 7, 2022
We have created an ARC for a new decentralized, collateral-backed stablecoin, native to the Aave ecosystem, known as GHO.
Read more below and discuss your thoughts for the snapshot (coming soon)!https://t.co/P7tHl9LbBe
The overall cryptocurrency market cap now stands at $927 billion and Bitcoin’s dominance rate is 42.6%.
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