Uniswap Price Drops 10.7%: Why UNI Falls Harder Than Bitcoin

The information provided in this article is for informational purposes only and does not constitute financial advice. Cryptocurrency investments carry a high degree of risk. Always conduct your own research.Uniswap lost 10.7% in 24 hours and 21% in 30 days as the Nasdaq rout hit crypto. The levels that count now, what could turn the picture and how to hedge.Symbol image, created with AIAdd as a preferred source on GoogleFollow on Google NewsUniswap traded at $6.84 at 18:23 UTC, down 10.7% in 24 hours, 6.9% in seven days and 21% in 30 days (CoinGecko). Bitcoin lost 5.6% over the same 24 hours. The trigger came from outside: a Nasdaq chip rout that hit every large coin. The full background is in our piece on the Bitcoin crash. Here is what it means for UNI: which levels count, what could change the picture and how to hedge. Why Is Uniswap Down? It Follows Bitcoin We found no Uniswap-specific trigger for Thursday's drop. The daily returns of UNI and Bitcoin over the past 30 days have a correlation of 0.78 by our calculation from Binance data, so UNI mostly follows the market. Liquidations of leveraged longs across crypto added pressure. For the project itself, recent news includes the...