Market Wrap: Bitcoin Slips to $11.2K; Uniswap Flows Dominate Ether

Oct 14, 2020 at 20:37 UTC.Bitcoin is trending downward while ether transaction activity is showing Uniswap's influence on the market.

Bitcoin trading around $11,359 as of 20:00 UTC. Slipping 0.38% over the previous 24 hours.

On Aug. 18, bitcoin traded at its 2020 high of $12,475 on spot exchanges such as Bitstamp.

The market has predictably pulled back, at least according to David Lifchitz, chief investment officer of quant trading firm ExoAlpha.

Investors expect more volume in the market might help push prices higher.

"Implied volatility is the expected volatility of bitcoin going forward, which tends to give some insight on how much bitcoin could swing, up or down," noted ExoAlpha's Lifchitz.

"Today, bitcoin options one-month implied volatility is around 50%, which is in line with a historically quiet market, meaning that there is, as of now, no drastically bullish or bearish sentiment out there regarding expected bitcoin short-term moves," said Lifchitz.

Ether, the second-largest cryptocurrency by market capitalization, was down Wednesday trading around $375 and slipping 0.68% in 24 hours as of 20:00 UTC.The decentralized exchange, or DEX, Uniswap is dominating the ether market when looking at asset flows.

This activity is a display of the influence Uniswap has on the market.

Brian Mosoff, chief executive of investment firm Ether Capital, isn't too concerned about the DEX having so much influence on ether's market.