With the exception of stablecoins, all of the top ten cryptocurrencies by market capitalization declined in early Thursday morning. Uniswap, which ranks 16 in terms of market capitalization, was the only bright spot in a sea of red in the last 24 hours, posting just minor increases.
According to CoinMarketCap data, Bitcoin fell 1.1% in the previous 24 hours to trade at US$19,128, while Ether fell 2% to US$1,285.
Solana suffered the most losses among CoinMarketCap’s top ten, plunging 4.3% to US$28.86, while Cardano down 3.5% to US$0.34.
Uniswap was the only token in the top 30 to increase by 0.5% to US$6.58. This comes after Uniswap’s chief operating officer, Mary-Catherine Lader, made bullish comments about the future of decentralized exchanges in an article in the business magazine Fortune this week, as well as a funding round last week that increased Uniswap Labs’ valuation.
Our COO @Mclader talks to @FortuneMagazine about how DeFi “can transform markets at a much greater scale” and why “DeFi protocols have to prioritize security and user safety to grow.”
Check it out 👇https://t.co/v7LzA4pnwo
— Uniswap Labs 🦄 (@Uniswap) October 18, 2022
US equities fell Wednesday, snapping a two-day winning streak, as bond yields reached their highest level since 2008. The Dow Jones Industrial Average fell 0.3%, while the S&P 500 Index dropped 0.7%. The Nasdaq Composite Index decreased by 0.9%.
Earlier in the week, U.S. equities rose as earnings season revealed that many companies are in better shape than expected, despite a series of interest rate increases this year to combat inflation. According to data aggregator Refinitiv, 74% of the 62 S&P 500 companies reporting earnings as of Wednesday exceeded profit expectations.
The Federal Reserve of the United States may pause interest rate hikes next year if there is clear evidence that core inflation is slowing, according to Minneapolis Fed President Neel Kashkari on Wednesday. The Fed raised interest rates this year from near zero in March to a range of 3% to 3.25%. It has pledged to reduce inflation to a target range of 2% from its current rate of 8.2%.
