First Mover Americas: Uniswap’s UNI Rallies and Bitcoin Holds $37K

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Uniswap,
a
decentralized
exchange
built
on
Ethereum,
has
seen
its
governance
token,
UNI,
rally
over
the
past
24
hours.
UNI
climbed
over
15%,
outperforming
the
rest
of
the
crypto
market.
There’s
no
clear
reason
for
the
jump,
but
it
could
have
something
to
do
with
the

proposal
submitted
by
StableLab
(a
governance
service
provider)
that
seeks
to

delegate
10
million
UNI
from
the
DAO’s
treasury
to
underrepresented
delegates.
The
proposal
is
awaiting
an
on-chain
vote.
Other
altcoins
also
rallied,
including
collapsed
crypto
exchange
FTX’s
FTT
token,
which
gained
10%
on
the
day.
Bitcoin,
the
world’s
largest
cryptocurrency,
added
almost
3%
and
hovered
around
$37,400.
“Technically
speaking,
dips
have
been
exceptionally
well
supported
and
bitcoin
looks
to
be
readying
for
a
push
to
fresh
yearly
highs
and
towards
a
test
of
next
key
resistance
in
the
form
of
the
$40k
barrier,”
said
LMAX
Digital
in
a
morning
note.

The
market
capitalization
of


bonk

(BONK),
a
Solana
token
that
came
into
existence
as
a
meme
coin
in
January,
has
surged
over
1,800%
in
the
past
four
weeks,
outshining
Solana’s
SOL
token
and
industry
leader
bitcoin
(BTC)
by
a
significant
margin.
The
good
times,
however,
might
be
over.
On
Wednesday,
Binance
listed
perpetual
contracts
tied
to
the
token
with
50x
leverage.
Historically,
a
decision
by
the
exchange
to
list
perpetual
contracts
tied
to
smaller
tokens
has
marked
major
price
tops
for
the
relevant
cryptocurrencies.
Perpetuals
are
futures
contracts
with
no
expiry
date,
allowing
investors
to
speculate
on
the
price
of
an
underlying
asset
while
bypassing
the
physical
settlement
of
goods
involved
in
standard
futures
contracts.

South
Korea
will


start

a
pilot
for
a
central
bank
digital
currency
(CBDC)
involving
100,000
citizens
in
the
first
quarter
of
next
year,
the
Korea
Times
reported.
The
pilot
program
will
be
jointly
operated
by
the
Bank
of
Korea
and
financial
regulators
the
Financial
Services
Commission
(FSC)
and
Financial
Supervisory
Service
(FSS),
according
to
the
report.
The
project
will
see
100,000
people
–
roughly
0.2%
of
the
country’s
population
–
able
to
purchase
goods
with
tokens
issued
by
commercial
banks
in
the
form
of
CBDC.
Use
will
be
restricted
to
purchasing
goods,
with
other
uses
such
as
remittance
not
permitted.