UNI token rises 20% as China’s blanket ban on crypto businesses puts focus on decentralized exchanges
As the world is awaiting the consequences of China’s ban on crypto, those who invest in cryptocurrencies are speculating that this may be a godsend, albeit disguised. The fact is, the shutting down of virtual currency enterprises will herald the era of decentralized exchanges (DEX).
The recent market data prove the point. While the tokens are flashing red on centralized exchanges, those in DEX have built significant momentum. CoinDesk data shows native tokens of major decentralized exchanges like Uniswap and SushiSwap have gained 22% and 18%, respectively, in the past 24 hours. And this speaks volumes for what lies ahead.
China’s crackdown on crypto is expected to significantly change the landscape of the market.
“The great rotation into everything decentralized is upon us and all thanks to the latest and undoubtedly most aggressive crypto ban by China,” Denis Vinokourov, head of research at Synergia Capital, told CoinDesk in a Telegram chat.
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