Bitcoin falls under $59,000 amid inflation woes

Bitcoin (BTC) fell to nearly $58,900 amid regulatory pressure and financial turmoil.

CoinMarketCap data shows that Bitcoin fell to $58,930 earlier today after trading at $61,200 earlier within the last 24 hours. , Bitcoin has mostly recovered and is trading at over $61,100.

Ethereum (ETH) fared significantly better. It has seen gains after falling $100 to nearly $2,300 earlier today. ETH is trading at $2,420 — 1.13% higher than 24 hours ago.

Leading decentralized exchange (DEX) Uniswap (UNI) had not seen the downward pressure that Ethereum had despite operating on its blockchain. UNI has gained 3.2% over the last 24 hours and is trading at $8.08, according to CoinMarketCap. The gains follow the company announcing its own layer dedicated to decentralized finance (DeFi) in an Oct. 10 X post.

Introducing @unichain — a new L2 designed for DeFi

Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network

Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio

— Uniswap Labs