Uniswap’s (UNI) price witnessed a double-fold crash in the past week after it received a Wells notice from the SEC and later due to the general crypto market crash over the weekend. In the past week, UNI has decreased more than 38%.
Token unlocks are considered bearish catalysts, particularly when recipients are likely to cash in for a quick profit. The event, which adds tokens to the project’s circulating supply without increasing demand, leaves an effective imbalance in favor of supply. The Arbitrum network is among the projects lined up for cliff token unlocks this week, meaning traders must brace for volatility.
Ethereum’s (ETH) price slightly improved on Monday after Hong Kong approved applications for a spot Bitcoin and Ethereum ETF. Whales have also been accumulating ETH after the market dip over the weekend.
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