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First Mover Americas: Uniswap’s UNI Rallies and Bitcoin Holds $37K
The latest price moves in crypto markets in context for Nov. 23, 2023.
Updated Mar 9, 2024, 5:43 a.m. Published Nov 23, 2023, 1:01 p.m.
This article originally appeared in First Mover, CoinDesk’s daily newsletter putting the latest moves in crypto markets in context. Subscribe to get it in your inbox every day.
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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.
The market capitalization of bonk (BONK), a Solana token that came into existence as a meme coin in January, has surged over 1,800% in the past four weeks, outshining Solana's SOL token and industry leader bitcoin by a significant margin. The good times, however, might be over. On Wednesday, Binance listed perpetual contracts tied to the token with 50x leverage. Historically, a decision by the exchange to list perpetual contracts tied to smaller tokens has marked major price tops for the relevant cryptocurrencies. Perpetuals are futures contracts with no expiry date, allowing investors to speculate on the price of an underlying asset while bypassing the physical settlement of goods involved in standard futures contracts.
South Korea will start a pilot for a central bank digital currency (CBDC) involving 100,000 citizens in the first quarter of next year, the Korea Times reported. The pilot program will be jointly operated by the Bank of Korea and financial regulators the Financial Services Commission (FSC) and Financial Supervisory Service (FSS), according to the report. The project will see 100,000 people – roughly 0.2% of the country's population – able to purchase goods with tokens issued by commercial banks in the form of CBDC. Use will be restricted to purchasing goods, with other uses such as remittance not permitted.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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