Uniswap’s UNI Rallies and Bitcoin Holds $37K

Uniswap, a decentralized exchange built on Ethereum, has seen its governance token, UNI, rally over the past 24 hours. UNI climbed over 15%, outperforming the rest of the crypto market. There’s no clear reason for the jump, but it could have something to do with the proposal submitted by StableLab (a governance service provider) that seeks to delegate 10 million UNI from the DAO’s treasury to underrepresented delegates. The proposal is awaiting an on-chain vote. Other altcoins also rallied, including collapsed crypto exchange FTX’s FTT token, which gained 10% on the day. Bitcoin, the world’s largest cryptocurrency, added almost 3% and hovered around $37,400. “Technically speaking, dips have been exceptionally well supported and bitcoin looks to be readying for a push to fresh yearly highs and towards a test of next key resistance in the form of the $40k barrier,” said LMAX Digital in a morning note.