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

The latest price moves in crypto markets in context for Nov. 23, 2023.

AccessTimeIconNov 23, 2023 at 1:01 p.m. UTC
Updated Mar 9, 2024 at 5:43 a.m. UTC

This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.

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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.

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Edited by Sheldon Reback.


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

Omkar Godbole

Omkar Godbole is a Co-Managing Editor on CoinDesk's Markets team.