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The cryptocurrency market has recently risen, with the MarketVectorTM Digital Asset 100 Small Cap Index up 4.38%, reporting 3058.99 points, and the cumulative decline over three days narrowing to 6.52%. The Mid Cap Index rose 5.15%, reporting 3089.44 points, with a decline narrowing to 4.80%. The overall Digital Asset 100 Index increased by 2.04%, reporting 15852.55 points, with a decline of 6.28%. Bitcoin rose by 1.94%, reporting 78626.30 USD; Ethereum rose by 1.45%, reporting 2353.70 USD
Cryptocurrencies dropped on the news that Kevin Warsh will be the next Federal Reserve chair.
Uniswap (UNI) has broken a crucial support level at $4.10, leading to a potential further decline in price. Currently trading at $3.85, UNI has lost 5.10% of its value, with trading volume down 9% to $395 million. If it fails to reclaim the $4.10 level, a drop of up to 45% to $2.30 is possible. While short-leveraged positions are rising, long-term investors are accumulating UNI tokens, as indicated by a modest outflow of $1.26 million from exchanges. Overall, market sentiment appears bearish with no strong directional momentum.
Bitcoin has fallen below $80,000 for the first time since April 2025, trading at $77,494.65 after a 12% drop in the past week, wiping out over $200 billion in market value. The decline is attributed to a broader risk-off sentiment in global markets, exacerbated by forced liquidations totaling over $2 billion. Investors are concerned about the impact of Kevin Warsh succeeding Jerome Powell as Federal Reserve chair, with digital asset investment products seeing outflows of $1.7 billion. Other cryptocurrencies like ether and XRP also experienced losses amid the sell-off.
Tether has launched the USA₮, a federally compliant stablecoin, in collaboration with Anchorage Digital Bank. Meanwhile, Bitwise has brought a $15 billion asset manager to Morpho vaults. Additionally, Flying Tulip has successfully raised $225 million in funding.
