Gate.io Blog Daily News | Bitcoin Ignored Inflation and Rebounded $70K; Uniswap Has a Firm Attitude Towards SEC Complaints; Jupiter Co-founder Announced Network Upgrade

Daily News | Bitcoin Ignored Inflation and Rebounded $70K; Uniswap Has a Firm Attitude Towards SEC Complaints; Jupiter Co-founder Announced Network Upgrade

11 April 11:44

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![](https://gimg2.gateimg.com/image/article/171280700611.png)
## Crypto Daily Digest: BTC rebounded $70,000 despite inflationary pressures; Uniswap has a firm attitude towards SEC complaints; Jupiter Co-founder announced network upgrade
First, let's take a look at the trading activity of <a href="/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs. According to Farside Investor data, on April 10, Grayscale Bitcoin spot ETFs (GBTC) had a cash outflow of $17.5 million; Meanwhile, Fidelity Bitcoin spot ETF (FBTC) inflow of $76.3 million, Bitwise Bitcoin spot ETF (BITB) inflow of $24.3 million, ARK 21Shares Bitcoin spot ETF (ARKB) inflow of $7.3 million, and WisdomTree Bitcoin spot ETF (BTCW) net inflow of $6.6 million.

After a US government report showed that the Consumer Price Index (CPI) rose faster than analysts expected, and various asset classes experienced declines, Bitcoin performed better than the US stock market and gold. As of the time of publication, Bitcoin reported $70,556.27.

<a href="/price/uniswap-uni" target="_blank" class="blog_inner_link">Uniswap</a>, a decentralized crypto exchange, revealed on Wednesday that the company has received a notice from the US Securities and Exchange Commission (SEC) stating its intention to take enforcement action. After the news spread, Uniswap's native token, UNI, immediately fell by 9.5%.

However, in this controversy, Uniswap does not believe it should be subject to such regulation, and based on similar allegations by the SEC against Coinbase, the ruling did not side with the SEC. This result also supports Uniswap's viewpoint. Chief Legal Officer Marvin Ammori believes that Uniswap does not meet the SEC's current definition of an exchange and does not apply to existing securities laws.

CEO Hayden Adams wrote, "I believe the products we offer are legal, and our work stands on the right side of history. However, it is clear that for some time, the SEC has not been committed to establishing clear and informed rules, but has decided to focus on attacking long-term excellent participants such as Uniswap and Coinbase. At the same time, it has allowed bad participants such as FTX to slip away."

Uniswap believes that the US. Securities and Exchange Commission "does not have the power of Congress" to oversee the crypto market and cites testimony from the US. Securities and Exchange Commission Chairman Gary Gensler told Congress that a new law needs to be passed to give the agency the necessary powers to regulate the industry effectively. Gary Gensler argues that existing securities laws are sufficient for regulatory agencies to regulate cryptocurrencies.

Yesterday, Jupiter issued a response to the issue of user transaction failure, as a large number of spam bots attacked its RPC. The team is working hard to address this issue to ensure users can use it normally.

Jupiter co-founder Meow has posted on the X platform summarizing Jupiter's recent technical issues and announcing upcoming upgrades: "In the past few months, we have been working behind the scenes to upgrade a series of infrastructure, processes, and user experience to expand and strengthen the operation of Jupiter's numerous systems."

These problems stem from <a href="/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a> network congestion leading to outdated on-chain oracle machines, spam attacks on RPC endpoints, a significant increase in the number of strict online applications, and the need for teams and CWGs to filter, among others.

Jupiter will soon undergo the following upgrades: 
1. Metropolis: Comprehensive design of the market and token system, including backend and frontend systems.
2. Ecosystem token launch: Introduce data and community participation to help filter out the correct tokens.
3. Reduce dependence on on-chain oracle machines.
4. Optimize backend transaction submission and provide users with more permissions in the front end.

Jupiter stated, "We will gradually launch the first phase of these measures starting from tomorrow's Metropolis."

## Market Trends: CPI data higher than expected, BTC price rebounds 
After the release of CPI data yesterday, the price of Bitcoin briefly fell to the $67,500 mark but has now returned to above $70,500. According to market reports, the SEC plans to file a lawsuit against Uniswap, which may include DeFi (decentralized finance) in its regulatory scope.

Regarding macroeconomics, the US stock market experienced a significant decline, and the US dollar index surged. The US CPI index has continued to rise higher than expected, leading to a decrease in market expectations for interest rate cuts this year to two times.
### Market Hotspots:
Stable ENA surged: ENA has recently experienced a significant increase, with the total locked-in value (TVL) of the Ethena project also rapidly increasing by over $2 billion. As a comparison, the TVL of the project was only $150 million in early February. This shows the market's attention and investment enthusiasm for the Ethena project.

The concept of fan coins, such as ASR and JUV, has seen a significant increase: as the European Championship approaches, there has been a significant increase in tokens such as ASR and JUV in the market. The increased speculation among investors about related tokens has driven up the prices of these tokens.

Old brand public chain <a href="/price/neo-neo" target="_blank" class="blog_inner_link">NEO</a> has surged: The price of NEO tokens has also risen, possibly influenced by the Hong Kong web3 conference, and investors have taken advantage of this opportunity to push up prices. At the same time, SOL tokens have entered a consolidation cycle, with overall ecosystem project performance sluggish and investor sentiment relatively cautious.

Although there have been some hot topics in the market, overall, the market risk is relatively high. The continuous rise of US CPI, the sharp rise of the US dollar index, and the possibility of SEC regulation of DeFi have all brought uncertainty to the market.

Investors must remain cautious, closely monitor market dynamics and policy changes, and carefully adjust investment strategies. Meanwhile, paying attention to projects related to the concept of fan coins may bring investment opportunities, but risk control needs to be taken into consideration.

## Macro: CPI higher than expected, causing global market decline; The worsening of the Middle East crisis has led to an increase in oil prices
On April 10, higher-than-expected inflation data poured cold water on hopes that the Federal Reserve would start cutting interest rates as early as June, and the US stock market closed lower on Wednesday. The CPI in March increased by 3.5% year-on-year, with an expected 3.4%. After the Labor Department's Consumer Price Index (CPI) report exceeded consensus, all three major stock indexes in the United States opened significantly lower, reminding people that falling inflation to the Federal Reserve's target of 2% still has a long way to go.

According to CME's FedWatch tool, the financial market has currently digested the possibility of the Federal Reserve cutting interest rates by 25 basis points in June, dropping from 56.0% to 16.5%, lower than the level before the report was released.

The Dow Jones Industrial Average fell 422.16 points, or 1.09%, to 38,461.51 points, the Standard & Poor's 500 Index fell 49.27 points, to 5,160.64 points, or 0.95%, and the Nasdaq Composite Index fell 136.28 points, or 0.84%, to 16,170.36 points. Among the 11 major sectors of the S&P 500 index, all sectors except energy closed lower, with real estate stocks experiencing the largest decline.

Investors will now pay attention to Thursday's producer price report to better understand the inflation situation in March and the informal start of the first quarter financial reporting season. On Friday, the three major banks - JPMorgan Chase, Citigroup, and Wells Fargo Bank - are expected to release results.

Asian bonds continued the sharp sell-off of US treasury bond bonds. The yield of Australia's 10-year treasury bond rose 13 basis points to 4.243%, the highest since mid-February, while Japan's 10-year treasury bond rose four basis points to 0.83%, the highest since early November. Meanwhile, US treasury bond bonds held steady on Thursday. The yield of benchmark 10-year treasury bonds remained unchanged at 4.5395% and soared 18 basis points overnight. The yield of the two-year treasury bond remained at 4.9604% after rising 22 basis points the previous trading day.

Regarding commodities, geopolitical factors have led to an increase in oil prices. The Israeli attack resulted in the death of three sons of Hamas leaders, raising concerns that ceasefire negotiations may be deadlocked and oil prices have temporarily held up their gains. Brent crude oil rose 0.1% to $90.62 per barrel, while US crude oil rose 0.1% to $86.35 per barrel.

The price of gold increased by 0.3% to $2,338.79 per ounce, and overnight gold prices fell by 0.8% due to the strengthening of the US dollar.

<div class="blog-details-info">
<div>Author:**Sherry S. & Icing**, Gate.io Researcher
<div>Translator:Joy Z.
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Daily News | Bitcoin Ignored Inflation and Rebounded $70K; Uniswap Has a Firm Attitude Towards SEC Complaints; Jupiter Co-founder Announced Network Upgrade

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