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UNI Price Slides Due To SEC Investigation, In Risk Of Deep Plunge?

UNI Price Slides Due To SEC Investigation, In Risk Of Deep Plunge?


NewsBTC
2021-09-03 18:00:22
UNI Price Slides Due To SEC Investigation, In Risk Of Deep Plunge?

The decentralized nature of Uniswap (UNI) will be put to the test. Earlier, it was revealed that the Securities and Exchange Commission (SEC) opened an investigation on Uniswap Labs, the company behind the protocol. Immediately after the news broke out, the price of UNI, Uniswap’s governance token, took a hit and dropped as much as 4%. Meanwhile, the main cryptocurrencies in the top 10 showed strong gains. Bitcoin managed to climb above the $50,000 mark with a 2.7% profit in the daily chart, and Ethereum went north of $4,000 for the first time since May’s crash. ETH trades at $3,986, at the time of writing, with a 6.1% profit. UNI’s price stands at $29,09, and it’s the worst-performing asset in the crypto top 10 by market cap with a 2.1% loss in the daily chart. In the crypto community, many remember XRP’s price reaction to the SEC action filed against Ripple Labs, and two of its executives. At that moment, XRP was the third cryptocurrency by market cap and was following the bullish sentiment in the market. As 2020 was coming to an end, so it did XRP’s upside momentum. The SEC killed the push and XRP plunged, presenting heavy losses for a couple of months. It’s unclear if UNI will follow, up until now the token showed conviction to break above major resistance at $30. The governance token was trading in the $25 – $30 range. Thus, experts claimed that this was the last obstacle before it can drive a fresh rally. UNI’s ind...

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