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    Home » Market Updates » After Extreme Volatility Bitcoin Returned to $20K, Uniswap Spikes 11% (Market Watch)

    After Extreme Volatility Bitcoin Returned to $20K, Uniswap Spikes 11% (Market Watch)

    Author: George Georgiev

    Last Updated Jul 15, 2022 @ 08:50

    After a day of massive volatility, Bitcoin’s price returns to $20K while Uniswap’s UNI skyrockets over 11% in 24 hours.

    Bitcoin’s price went through major turmoil yesterday as the numbers for the Consumer Price Index in the US got released. The cryptocurrency increased above $20,000 initially and then plunged below $19K briefly, liquidating millions of leveraged positions. After all, has been set and done, the price is now back towards the $20K level.

    Bitcoin Price Returns to $20K

    It goes without saying that the $20K area is critical for Bitcoin’s price – it contains multiple moving averages as well as a confluence with the all-time high during the previous raging bull market of 2017-2018. This is also the reason for which it has been heavily contested over the past few weeks.

    Yesterday, around the time the US Bureau for Labor Statistics published the Consumer Price Index numbers for June, the price went on a rollercoaster, skyrocketing above $20K briefly and then dipping below $19K for a bit.

    img1_btcchart
    Source: TradingView

    As seen in the above chart, the one-hour candle at the time of the CPI has an amplitude of 6.14% on Binance, showcasing the extreme volatility. As CryptoPotato reported back then, this also led to serious liquidations totaling over $47 million in less than an hour – across the board.

    Uniswap Skyrockets 11.6%

    The clear outlier in the past 24 hours has been Uniswap’s governance token – UNI. It’s up a whopping 11.6% over the day as most of the top altcoins go through a chopping trading session, charting slight increases here and there and also some slight declines.

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    img2_heatmap
    Source: Quantify Crypto

    As seen in the above heatmap, ETH and BNB are up more than 1%, whereas ADA, DOT, LEO, SHIB, and others, trade at a slight decline.

    Overall, the market remains in a state of extreme fear as many anticipate another leg down. This is supported by the Cryptocurrency Fear and Greed Index, which is currently at 18 points and in “Extreme Fear Territory.”

    img3_cryptofng
    Source: AlternativeMe

    Nevertheless, it’s worth noting that the index has recovered a bit after plunging to 6 points in June.

     

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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    About The Author

    George Georgiev
    More posts by this author

    Georgi Georgiev is CryptoPotato's editor-in-chief and a seasoned writer with over four years of experience writing about blockchain and cryptocurrencies. Georgi's passion for Bitcoin and cryptocurrencies bloomed in late 2016 and he hasn't looked back since. Crypto’s technological and economic implications are what interest him most, and he has one eye turned to the market whenever he’s not sleeping. Contact George: LinkedIn

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