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Uniswap (UNI) price jumps by 15% in DeFi, cryptocurrency market rebounds

Uniswap (UNI) was among the best performers among the top-cap cryptocurrency tokens in the previous 24 hours, logging better gains than its rivals Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).



Uniswap (UNI) was among the best performers among the top cryptocurrency tokens by market capitalization in the previous 24 hours, logging better gains than other top cryptocurrencies, namely Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB).

On Wednesday, the UNI/USD exchange rate jumped 13.26% to hit a seven-day high of $25.68. Traders continued to bid higher on the pair entering Wednesday, pushing its value higher to $26.07 at one point, up more than 15% from the previous session’s open of $22.66.

Market-wide recovery behind UNI gains?

The majority of UNI’s gains in the previous 24 hours seems to have surfaced in the wake of a market-wide recovery.

For instance, the said timeframe witnessed Bitcoin, the benchmark cryptocurrency that enjoys heavy influence on the rest of the crypto tokens, climbed above $47,000 following a 4.85% upside move on Tuesday. Meanwhile, Ethereum saw its native asset, ETH, rallying toward $3,500 in a 4.57% price jump.

Elsewhere in the crypto market, BNB, XRP, Dogecoin (DOGE), Terra (LUNA) and Chainlink’s LINK also rose. In contrast, smart contracts platform Solana’s native asset, SOL, fell 6.47% following a denial-of-service disruption on its network.

At the same time, Cardano (ADA), one of Solana’s top rivals, dropped by more than 1%.

The performance of the top 15 cryptocurrencies in the past 24 hours. Source: TradingView

At first, the gains among the top tokens, including Uniswap, looked to have been helped by capital rotations out of SOL and ADA markets.

In detail, Solana’s market cap surged by more than 400% quarter-to-date following its foray into the booming nonfungible token (NFT) sector, providing traders a decent opportunity to lock interim profits. Additionally, the network outage accelerated the profit-taking scenario.

Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.

— Solana Status (@SolanaStatus) September 14, 2021

On the other hand, Cardano attracted speculation because of its Alonzo upgrade, which made it a smart contracts platform for the first time since its launch. In addition, ADA’s 2,500% year-to-date performance gave traders adequate opportunities to “sell the news” and secure gains.

UNI holders are masters of 9.15 million MIR tokens

Uniswap’s superior performance in the previous 24 hours also took cues from speculation that holding UNI could grant them access to airdrop tokens.

In a recent note, Brendan Murray, content marketing manager at Boston-based blockchain analysis firm Flipside Crypto, cited Twitter user Jr3225’s research. The study cited many UNI holders failed to realize that they could claim 9.15 million of the synthetic asset platform Mirror Protocol’s MIR tokens via a December 2020 airdrop.

In comparison, LUNA stakers could claim more free MIR tokens than UNI ones — MIR/USD has surged 200% this year.

Total MIR claimed on the y-axis, airdrop-type on the x-axis. Source: Twitter user Jr3225

The report, published Tuesday, coincided with the UNI price pump.

Uniswap technical outlook

Uniswap’s latest rally had it test a support confluence made up of falling trendline resistance and the 38.2% Fib line (~$26.093) of a Fibonacci retracement graph (drawn from a $42.89 swing high to $15.70 swing low).

UNI/USD daily price chart. Source: TradingView

Sellers took control near the confluence, prompting UNI/USD to correct by 4.59% to an intraday low of $24.50. Its next support target is — again — a confluence of 23.6% Fib line ($22.12) and the ascending trendline that overall constitutes a rising channel.

Related: Institutional investors dominated the DeFi scene in Q2: Chainalysis report

An interim bullish outlook entails UNI/USD breaking above $26.09 and stepping toward the next Fib levels ($29.30, $32.51, and so on) unless the pair reaches the rising channel’s upper trendline near $42.89.

Meanwhile, a bearish setup could see UNI/USD break below the $22.12 Fib line and the channel support to target $15.70.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Every investment and trading move involves risk, you should conduct your own research when making a decision.



Blockchain unicorn ConsenSys valued at $3.2B following $200M raise

ConsenSys has seen tremendous growth thanks to the mass adoption of its MetaMask browser and wallet extension.



MetaMask’s monthly active users have grown 38-fold since 2020 as demand for DeFi and NFTs continues to surge.

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Blockchain unicorn ConsenSys valued at $3.2B following $200M raise

Blockchain infrastructure provider ConsenSys has reached a lofty valuation of $3.2 billion after closing a $200 million funding round, joining over a dozen other crypto-focused companies to reach coveted unicorn status this year alone.

The $200 million financing round saw participation from several new investors, including Marshall Wace, Third Point and Think Investments, who contributed alongside existing investors such as Dragonfly Capital, Electric Capital, Spartan Group, Coinbase Ventures, HSBC, DeFiance Capital and Animoca Brands.

ConsenSys also announced that Ethereum wallet and browser extension MetaMask has achieved roughly 21 million monthly active users, having more than doubled over the past four months.

MetaMask, which was developed by ConsenSys, was recently integrated by three crypto-focused custodians — BitGo, Qredo and Cactus Custody — as part of their ongoing efforts to attract more institutional capital to the digital asset market. MetaMask has served as a critical pathway for users to enter decentralized finance, better known as DeFi, by providing them with the infrastructure to connect to decentralized exchanges. ConsenSys said that MetaMask’s in-app swap feature has enabled more than $10 billion in peer-to-peer token swapping.

The mission of MetaMask, according to Ethereum co-founder and ConsenSys founder Joseph Lubin, is to “democratize access to web3,” which refers to the third generation of internet services.

The mission of @MetaMask is to democratize access to web3 in way that prioritizes consent, privacy, and free association.

We wouldn’t be here without an active community pushing us to constantly improve our product. Here’s to the next 10M!

— Joseph Lubin (@ethereumJoseph) September 1, 2021

In the last year alone, several crypto-focused startups have reached unicorn status, a term used to describe new enterprises with a valuation of $1 billion or more. In October, crypto listing platform CoinList saw its valuation rise to $1.5 billion after concluding a $100 million Series A investment round. In September, blockchain infrastructure developer Blockdaemon raised $155 million in Series B financing, bringing its total valuation to $1.255 billion.

Related: Unicorns in crypto: A growing herd of billion-dollar crypto companies

These companies joined Mercado Bitcoin, Bitso, Blockstream, BlockFi, Fireblocks, Amber Group, Figure Technologies, OpenSea and in exceeding the $1 billion valuation category.

Crypto venture capital has shattered all previous highs this year. In the first ten months of 2021, venture funds had allocated more than $17 billion to crypto companies compared with just over $5 billion in all of 2020.

The mission of MetaMask, according to Ethereum co-founder and ConsenSys founder Joseph Lubin, is to “democratize access to web3,” which refers to the third generation of internet services.


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Chinese provincial official expelled for violating crypto mining ban

Xiao’s termination was directly related to supporting enterprises to engage in virtual currency mining activities.



A former CCP official from Jiangxi province allegedly abused his administrative powers to undermine the political principle of “two maintenance,” which relates to the notion of firmly maintaining the authority of the party.

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Chinese provincial official expelled for violating crypto mining ban

The Central Committee of the Chinese Communist Party (CCP) expels a top provincial official after investigations suggest unlawful emgagement with crypto mining activities among other abuse of power.

The Central Commission for Discipline Inspection (CCDI) alleged that Xiao Yi, former vice-chairman of the Chinese People’s Political Consultative Conference from Jiangxi province abused his state-backed administrative powers to undermine the political principle of “two maintenance,” which relates to CCP’s notion of firmly maintaining the authority of the party:

“[Xiao Yi] violated the new development concept, abused power to introduce and support enterprises to engage in virtual currency “mining” activities that do not meet the requirements of the national industrial policy.”

Xiao’s termination was directly related to his involvement in introducing and supporting enterprises to engage in virtual currency mining activities. In addition, the Chinese government found Xiao guilty of abusing his influence to allow illegal profit-making activities including raising funds for projects and construction and accepting bribes. According to a translated version of the CCDI report:

“Xiao Yi seriously violated the party’s political discipline, organizational discipline, integrity discipline, work discipline, and life discipline, and constituted a serious job violation and was suspected of taking bribes and abusing power.”

As a result, Xiao Yi was expelled from his position as a Chinese government official in addition to having his property and illegal income seized for review and prosecution.

Related: Huobi Group is moving to Gibraltar following China crackdown

The latest crypto ban in China has forced the thriving crypto community — including Bitcoin (BTC) and crypto miners and exchanges — to shift to countries with crypto-friendly jurisdictions.

In similar efforts, China’s biggest in-house crypto exchange, Huobi, has also acquired new licenses in Gibraltar. As Cointelegraph reported, the Gibraltar Financial Services Commission authorized the Chinese exchange to begin moving its spot-trading operations to affiliate Huobi Technology (Gibraltar) Co. According to Jun Du, CEO of Huobi Group:

“The worldwide cryptocurrency sector is moving toward regulated growth. […] The business must recognize the significance of aligning its activities with the trend.”


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New York coin launching this week with Mayor-elect Eric Adams’ blessing

NYCCoin has already received a public endorsement from New York City Mayor-elect Eric Adams, with CityCoin launching mining this week.



“We’re glad to welcome you to the global home of Web3!” said crypto-friendly Mayor-elect Eric Adams in response to CityCoins’ roll out of the NYCCoin this week.

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New York coin launching this week with Mayor-elect Eric Adams’ blessing

The NYCCoin is set to launch on Nov. 11 with the community-led proposal endorsed by New York City’s Mayor-elect Eric Adams.

The NY-focused cryptocurrency is being launched by CityCoins, the same firm that provides the MiamiCoin. The project utilizes the Stacks Protocol built atop of the Bitcoin blockchain to enable smart contracts and issue its coins.

CityCoins tweeted on Nov. 9 that it was activating NYCCoin mining this week after Adams stated on Nov. 4 that he wanted to have a “CityCoin for NYC” like in the case of Miami City.

Adams followed that up earlier today by posting that “we’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.”

We’re glad to welcome you to the global home of Web3! We’re counting on tech and innovation to help drive our city forward.

— Eric Adams (@ericadamsfornyc) November 8, 2021

Adams was elected as the NYC Mayor on Nov. 2 and will take the reins at the start of 2022. The 61-year-old Democrat is a strong crypto proponent and has vowed to take his first three paychecks in Bitcoin (BTC) and has advocated for crypto education to be taught in local schools.

“We must open our schools to teach the technology, to teach this new way of thinking,” Adams said on CNN’s State of the Union on Nov. 7.

In Miami, the city’s commissioners voted to accept funds generated from Miami Coin, however CityCoins notes that it is yet to officially partner with the NY government despite the social media endorsement from Adams.

“CityCoins like NYCCoin are grassroots initiatives. As communities grow around CityCoins, they can encourage their mayor to claim the reserved city treasury wallet and begin putting its funds to use,“ the website reads.

Related: Law Decoded: Which currency is the paycheck of your city’s mayor in? Nov. 1–7

If the City of New York agrees to partner with CityCoins, it will have access to a custodied reserve wallet that holds 30% of all NYCCoin mining rewards. The funds can be used to support whatever initiatives the City deems fit. Miami Mayor Francis Suarez has stated the coin’s funds will go toward crypto education, funding under-privileged communities and programs to mitigate the risks of climate change.

NYCCoin users can mine the coin by forwarding Stacks (STX) tokens into the smart contract on Stacks, and receive new CityCoin tokens, with 70% of the mining rewards going to users who lock up and “stack” or stake their CityCoins.

November 8, 2021


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