The first quote | Bitcoin rebounded back to $70,000 despite inflation, Uniswap stood firm in the face of the SEC's complaints, Jupiter said it would upgrade its network, and CPI data sent global markets down

Crypto Daily Digest: Bitcoin rebounds back to $70,000 despite inflationary pressures, Uniswap is firm in the face of SEC complaints, and Jupiter says it will upgrade its network

Looking at the trading activity of Bitcoin ETFs first, according to Farside Investor data, the Grayscale Bitcoin Spot ETF (GBTC) saw an outflow of $17.5 million on April 10, while the Fidelity Bitcoin Spot ETF (FBTC) saw an inflow of $76.3 million, the Bitwise Bitcoin Spot ETF (BITB) saw an inflow of $24.3 million, and the ARK 21Shares Bitcoin Spot ETF (ARKB) saw an inflow of $730 $10,000, with a net inflow of $6.6 million into the WisdomTree Bitcoin Spot ETF (BTCW).

Bitcoin outperformed U.S. equities and gold amid declines across multiple asset classes following a U.S. government report that the Consumer Price Index (CPI) rose faster than analysts expected. At press time, Bitcoin was trading at $70,556.27.

Decentralized cryptocurrency exchange Uniswap revealed on Wednesday that the company received a notice from the U.S. Securities and Exchange Commission (SEC) indicating its intention to take enforcement action. Uniswap's native token, UNI, fell 9.5% immediately after the news broke.

However, Uniswap does not believe that it should be subject to this kind of regulation, and judging from the similar accusations made by the SEC against Coinbase, the ruling is not on the side of the SEC, and this result can also support Uniswap's view. Marvin Ammori, Chief Legal Officer, believes that Uniswap does not meet the SEC's current definition of an exchange in the first place and does not apply existing securities laws.

CEO Hayden Adams wrote, "I believe the products we offer are legitimate, and our job is to be on the right side of history. "But it's clear that instead of working on clear, informed rules for some time, the SEC decided to focus on attacking long-standing good players like Uniswap and Coinbase. All while letting bad players like FTX slip away. ”

Uniswap argues that the SEC "does not have congressional authority" to oversee the cryptocurrency market, citing SEC Chairman Gary Gensler's past testimony before Congress that a new law is needed that would give the agency the necessary powers to effectively regulate the industry. Gary Gensler argues that existing securities laws are sufficient for regulators to regulate cryptocurrencies.

Yesterday, Jupiter replied to the problem of user transaction failure, because its RPC was hit by a large number of spam bot attacks, and the team is working on this issue to ensure that users can use it normally.

Jupiter co-founder meow posted on the X platform summarizing recent Jupiter technical issues and announcing upcoming upgrades: "Over the past few months, we've been working behind the scenes on a series of infrastructure, process, and user experience upgrades to expand and enhance the many systems that run Jupiter.

These issues stem from the obsolescence of on-chain oracles due to congestion on the Solana network, spamming RPC endpoints, a significant increase in the number of strict on-line requests, and the need for teams and CWGs to sift through them. Jupiter will be upgraded as follows:1. Metropolis: The marketplace and token system is fully designed, including both back-end and front-end systems. 2. Eco Token Listing: Bring in data and community participation to help screen out the right tokens. 3. Reduce reliance on on-chain oracles. 4. Optimize back-end transaction submissions and provide users with more permissions on the front-end.

"The first phase of these initiatives will be rolled out gradually, starting with tomorrow's Metropolis," Jupiter said. ”

Market Analysis: CPI Data Higher-than-Expected BTC Pin Rebounds

Market Trend

Bitcoin briefly fell to the $67,500 mark after yesterday's CPI data, but has now returned above $70,500. News in the market suggests that the SEC (Securities and Exchange Commission) is planning to file a lawsuit against Uniswap, which could bring DeFi (decentralized finance) into the regulatory scope.

On the macroeconomic front, the U.S. stock market fell sharply and the U.S. dollar index soared. The U.S. CPI index has risen streaks of higher-than-expected gains, causing market expectations for rate cuts this year to drop to two.

MARKET HOTSPOT

1. Solid ENA Surge: ENA has experienced significant gains recently, and the TVL (Total Value Locked) of the Ethena project has also grown rapidly by more than $2 billion recently. For comparison, the project TVL was only $150 million at the beginning of February. This shows the market's interest and enthusiasm for the Ethena project.

2. ASR, JUV, etc. of the fan coin concept soared: As the European Cup football tournament approached, there was a sharp rise in ASR, JUV and other tokens in the market. Investors' expectations of increased speculation on these tokens have led to an increase in the price of these tokens.

3. The old public chain NEO has risen sharply: The NEO token price has also risen, which may be affected by the Hong Kong web3 conference, and investors have used this opportunity to push the price higher. At the same time, the SOL token entered a consolidation cycle, and the overall ecological project performance was sluggish, and investor sentiment was relatively cautious.

Although there are some hot spots in the market, on the whole, the market is more risky. The continuous rise in US CPI, the sharp rise in the US dollar index, and the possibility of DeFi regulation by the SEC have all brought uncertainty to the market. Investors need to remain cautious, pay close attention to market dynamics and policy changes, and carefully adjust their investment strategies. At the same time, focusing on projects related to the concept of fan coins may bring investment opportunities, but you need to pay attention to risk control.

Macro: Higher than expected CPI sent global markets down, worsening crisis in the Middle East led to higher oil prices

U.S. equities closed lower on Wednesday after higher-than-expected inflation data poured cold water on hopes that the Federal Reserve could begin cutting interest rates as early as June. CPI rose 3.5% YoY in March versus 3.4% expected. All three major U.S. stock indexes opened sharply lower after the Labor Department's Consumer Price Index (CPI) report beat consensus, a reminder that there is still a long way to go for inflation to fall back to the Fed's 2% target.

According to the CME's FedWatch tool, financial markets have now priced in the probability of a 25 basis point rate cut by the Fed in June, from 56.0% to 16.5%, below the level before the report's release.

The Dow Jones Industrial Average fell 422.16 points, or 1.09%, to 38,461.51, the S&P 500 lost 49.27 points, or 0.95%, to 5,160.64, and the Nasdaq Composite lost 136.28 points, or 0.84%, to 16,170.36. Of the 11 major sectors in the S&P 500, all sectors except energy closed in the red, with real estate stocks falling the most.

Investors will now focus on Thursday's producer price report for a clearer picture of inflation in March and the unofficial start of the Q1 earnings season. On Friday, the three major banks - JPMorgan Chase, Citigroup, Wells Fargo are expected to release the results.

Asian bonds continued the sharp sell-off in US Treasuries. Australia's 10-year yields rose 13 basis points to 4.243%, the highest since mid-February, and Japan's 10-year yields rose 4 basis points to 0.83%, the highest since early November. Meanwhile, U.S. Treasuries held steady on Thursday. The yield on the benchmark 10-year Treasury note was flat at 4.5395%, surging 18 basis points overnight, while the two-year yield held at 4.9604% after rising 22 basis points in the previous session.

In commodities, geopolitics has kept oil prices higher. Oil prices held on to gains for the time being, as an Israeli attack killed three sons of the Hamas leader, raising fears that ceasefire talks could stall. Brent crude rose 0.1% to $90.62 a barrel, and U.S. crude rose 0.1% to $86.35 a barrel.

Gold prices rose 0.3% to $2,338.79 an ounce, falling 0.8% overnight as the dollar strengthened.

Author:Sherry S. & Icing. This article represents the views of the author only and does not constitute any trading advice. The content of this article is original, the copyright is owned by Gate.io, if you need to reprint, please indicate the author and source, otherwise you will be held legally responsible.