Category: Cryptocurrency News

Popular decentralized exchange (DEX) platform on Ethereum, Uniswap, celebrates a major milestone. Via its official Twitter account, the team behind the protocol announced that it has processed $1 trillion in all-time trading volume. Related Reading | Coinbase Is on a Downwards Spiral and Could Be Taking your Crypto with It As seen below, this metric has been on an uptrend since September 2020. At that time, the protocol processed less than $10 billion in cumulative trading volume. The $1 trillion milestone was reached in less than a year as Uniswap went processing around $250 billion in cumulative trading volume to $750 trillion in March 2022. The metric has been on the rise despite the current downtrend across global markets. The team behind Uniswap stated the following: It’s been one hell of a ride. As of today, the Uniswap Protocol has passed a lifetime cumulative trading volume of $1 Trillion (…). We couldn’t have reached this milestone without the Uniswap community that continues to build alongside us. Here’s to the next Trillion. Additional data provided by the team behind the protocol suggest Uniswap’s popularity has been increasing along with its trading volume. The DEX’s market share surpassed 50% in August 2020 and has reached over 60% since that time. In addition, the number of Uniswap Users recently hit almost 4 million. In January 2021, the metric stood at less than 1 million users. This represents a 4x increase in a little over a year. The inventor of Uniswap, Hayden Adams, added: $1 trillion all-time volume. I don’t tweet milestones as often these days, but four commas blows my mind. Never expected Uniswap to grow the way that it has. Thanks to everyone who has been along for the ride. What’s Behind This Ethereum DEX Success? There are three potential events that have resulted in Uniswap’s increase in market share and popularity. The first in the deployment of its second iteration, Uniswap v2 introduced new features and functionalities replicated across the entire DeFi sector. The second is the launch of its governance token, UNI. The token rolled out around September 2020, when Uniswap’s fundamental began their upwards ascend, and it was airdropped to all users that ever interacted with the protocol. The event marked an inflection point in the adoption of DeFi protocols. The next year, the sector boomed with the introduction of non-fungible tokens (NFTs) into the mainstream and more people onboarding it. The third event was the launch of DEX’s third iteration, Uniswap v3. This version offered more rewards to users with active investment strategies. Today, most blockchain networks can’t exist without a DeFi sector and their own version of Uniswap. Despite its popularity, the DEX and other protocols have been affected by the current downside price action across large cryptocurrencies. Data from Token Terminal suggests Uniswap peaked in September 2021 when its total value locked (TVL) was close to $10 billion and its trading volume followed. Ever since then, this metric has been in a downtrend and currently appears to be consolidating. Related Reading | TA: Bitcoin Price Stuck In Key Range, Why Dips Might Be Limited At the time of writing, UNI’s price stands at $5.57 with a 5.5% loss in the last 24-hours.

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Solana continues to consolidate near the critical $50 price range, while bulls have begun to flirt with the idea of a possible upswing.

The City Court of St. Petersburg has recognized a large amount of cryptocurrency handed over by the victim in an extortion case as a means of payment, Russian media reported. The prosecutor’s office in Russia’s second-largest city describes the ruling as a precedent. Two Men Sentenced for Cryptocurrency Extortion in Russia Two Russian citizens have […]

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Animoca Brands, the company advancing digital property rights for gaming and the metaverse, and its subsidiary The Sandbox, a leading decentralized virtual world, today announced the listing of SAND on Coincheck, the largest crypto trading exchange in Japan. Coincheck users can now access SAND on Coincheck in the markets of SAND/JPY and SAND/BTC. SAND is…
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Bitcoin and Ethereum have been at the forefront of market sell-offs that were triggered by the UST crash. Since then, sellers have continued to dominate the market and even with buyers making significant moves, it continues to be a seller’s market. The hope had been that a reversal in this trend would be witnessed with the start of the new week. However, inflow and outflow trends have indicated that sell-offs may continue for much longer. Bitcoin, Ethereum Inflows Remain High For Monday, there were some encouraging reversals in the price of major digital assets in the space. These included the reclaiming of $30,000 on the part of Bitcoin, while Ethereum had recovered once more above $2,000. However, this would prove to only make an already bad situation worse as sellers had ramped up inflows into exchanges to realize some gains. Related Reading | MicroStrategy Will Not Dump Any Of Its Bitcoin, CFO Reveals What this resulted in was more than $1.1 billion in BTC flowing into exchanges in a single day. This showed a reversal from the previous day of net flows that had seen outflows surpass inflows once more. Monday was much worse as centralized exchanges saw net inflows of $67 million in a single-day period. The same was the case for the second-largest cryptocurrency by market cap, Ethereum, whose net flows were also positive, even surpassing that of Bitcoin. ETH had seen exchange inflows as high as $589.4 million in a 24-hour period while outflows had come out to $497.4 million. What this amounted to was a $92 million net flow. This indicates that there are even more sellers in ETH than there are in bitcoin. As such, the decline of the digital asset below $2,000 was expected. BTC price declines below $30,000 | Source: BTCUSD on TradingView.com Recovery In Sight? The inflow and outflow trends have been alternating for a time now. This is evident in the past two days alone where net flows have been negative one day and then positive the next. Going off this trend, it is possible to deduce that there could very well be a reversal following Tuesday’s trading day. Related Reading | Eight Consecutive Red Closes: Is Bitcoin Headed For A Recovery? Alternatively, one thing that comes with a decline in prices has always been investors looking for the opportunity to take advantage of the lower prices. This always leads to an increase in outflows as more investors accumulate tokens. Another indicator that would suggest a reversal is the USDT inflow and outflow trends. USDT net flows continue to be positive which is good for the market. It shows that investors are bringing more funds into centralized exchanges to be able to purchase and accumulate more tokens. Featured image from CryptoSlate, chart from TradingView.com