Market Wrap: Bitcoin Slips to $11.2K; Uniswap Flows Dominate Ether

Market Wrap: Bitcoin Slips to $11.2K; Uniswap Flows Dominate Ether


Bitcoin is trending downward while ether transaction activity is showing Uniswap’s influence on the market.

Bitcoin (BTC) trading around $11,359 as of 20:00 UTC (4 p.m. ET). Slipping 0.38% over the previous 24 hours. Bitcoin’s 24-hour range: $11,286-$11,555 BTC below its 10-day and 50-day moving averages, a bearish signal for market technicians.

Bitcoin trading on Bitstamp since Oct. 12.

Source: TradingView

Bitcoin’s price dipped Wednesday after a move up to as high as $11,555 on spot exchanges like Bitstamp lost momentum. The world’s largest cryptocurrency by market capitalization then slipped to as low as $11,286 and is at $11,359 as of press time. 

Read More: Bitcoin Steady Above $11,400 as Hashrate Reaches New High

On Aug. 18, bitcoin traded at its 2020 high (so far) of $12,475 on spot exchanges such as Bitstamp. Many investors were hoping bitcoin’s uptrend since Oct. 8 would break above that level. 

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