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Bitcoin’s price returns to $20K after a day of extreme volatility, while Uniswap’s UNI soars over 11% in a single day.
Yesterday’s announcement of the US Consumer Price Index data caused significant volatility in the price of bitcoin. The price of the cryptocurrency first rose beyond $20,000 before momentarily dropping below $19K and dumping millions of leveraged holdings. The pricing has now returned to the $20K range once everything has been decided upon and completed.
Price of Bitcoin Reaches $20K
It goes without saying that the $20K level is crucial for Bitcoin’s price since it intersects with the last roaring bull market’s all-time high from 2017 to 2018 and contains many moving averages.
It has also been hotly debated for this reason during the previous several weeks.
The price had a rollercoaster yesterday, initially rising above $20K and then briefly falling below $19K about the time the US Bureau for Labor Statistics released the Consumer Price Index statistics for June.
The one-hour candle on Binance at the time of the CPI had an amplitude of 6.14 percent, as seen in the following chart, demonstrating the extremely high volatility. This also resulted in significant liquidations totalling more than $47 million in less than an hour, across the board, as CryptoPotato noted at the time.
Increase of 11.6 percent for Uniswap
The UNI governance token from Uniswap has been the glaring outlier during the last 24 hours. It’s up a whooping 11.6 percent for the day while the majority of the leading cryptocurrencies experience choppy trading, recording sporadic little climbs as well as sporadic small drops.
As can be seen in the heatmap above, ETH and BNB are up more than 1%, while ADA, DOT, LEO, SHIB, and other coins are trading somewhat lower.
The market as a whole continues to be quite fearful as many expect another move down. The cryptocurrency fear and greed index, which is at 18 points right now and is in “Extreme Fear Territory,” supports this. However, it’s important to note that the index has somewhat rebounded after falling by 6 points in June.
