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Uniswap (UNI) has declined double-digits following news of a Wells notice from the US Securities and Exchange Commission (SEC).

Bitcoin price, which dropped below $69k ahead of and immediately after the latest CPI data release, has bounced to near $71k, lifting some of the top altcoins. Also to get a major boost from Bitcoin’s resilience is the new token KangaMoon (KANG).

Uniswap Labs has vowed to fight the SEC after the regulator issued a Wells notice against the decentralised exchange. The notice means the SEC is seeking an enforcement action against the DeFi project.

In a blog post, Uniswap Labs said tokens traded on the exchange are “definitively not securities.” Rather, these are “stablecoins, community and utility tokens, and commodities like Ethereum and Bitcoin.” And where a token could represent a security, it’s the SEC that has not created a clear regulatory path for businesses to register.

While Uniswap’s pledge to defend DeFi against SEC’s action finds support across the crypto space, the immediate impact on the native token UNI was a huge dump.  As of writing, UNI’s price is down 17% and trades near $9.00.

Bitcoin (BTC) price is currently hovering above $70,900 after retesting highs of $71,220. The flagship cryptocurrency is days away from one of its biggest events – block reward halving.

On Wednesday, BTC fell to around $67,560 after the US inflation news. Notably, data showed a hotter-than-expected consumer price index (CPI) for March.

With inflation remaining persistent and higher for three months in a row, market anxiety over rate cuts rose.

As a result, experts have noted the likelihood for Fed to cut interest rates in June has drastically dropped. Now the consensus is for rate cuts later in the year.

BTC fell alongside US stocks, with the Dow Jones Industrial Average and S&P 500 closing lower. However, Bitcoin has forcefully shrugged off the CPI data impact and could go on to retest its all-time high above $73k.

As Bitcoin and other top altcoins, including Ethereum and BNB soared, investors eyeing new opportunities rallied into KangaMoon (KANG).

KangaMoon is a new meme-based cryptocurrency that brings the best of SocialFi and play-to-earn gaming to the market.

KANG is the native token that will power the community-driven ecosystem, driving the unique rewards system and as an in-game currency.

KangaMoon’s GameFi product means KANG holders can tap into an immersive game environment, with access to unique digital collectibles. The weekly, monthly and quarterly challenges offer exciting opportunities for the community.

Meanwhile, presale participants can start earning more KANG right away, something that’s created a real buzz around the crypto market.

KangaMoon’s potential to dominate a section of the market that’s in resurgence mode – that is, meme coins, gaming and NFTs.

The interest has pushed the project’s presale into stage 5 – the final stage before KANG launches on exchanges. Poised at $0.0196, this remains a largely lucrative entry point for investors.

Learn more about KangaMoon here.

The post UNI falls after SEC’s Wells notice; BTC bounce lifts KangaMoon (KANG) appeared first on Invezz

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