Bancor has filed a patent infringement lawsuit against Uniswap Labs and the Uniswap Foundation, raising concerns across the decentralized finance (DeFi) sector. Bancor Accuses Uniswap of Unauthorized Use of Technology Bancor’s nonprofit arm, Bprotocol Foundation, and LocalCoin Ltd. have jointly filed a lawsuit against Uniswap. The legal complaint was submitted to the U.S. District Court for the Southern District of New York. According to the filing, Uniswap Labs and the Foundation are accused of using Bancor’s patented constant product automated market maker (CPAMM) technology without permission. Bancor claims the technology was invented in 2016 and is central to how decentralized exchanges operate without centralized order books. The developers behind Bancor stated that they filed a U.S. provisional patent application in January 2017. The filing reportedly led to two granted patents covering the CPAMM structure, which Bancor says powers its automated token swaps onchain. This Is A Developing Story, Please Check… Read More at Coingape.com
Layer-1 (L1) coin IP has emerged as the market’s top gainer today, defying the broader crypto downturn to post a 4% increase in the last 24 hours.
However, despite the price surge, warning signs are flashing under the surface. On-chain activity remains muted, suggesting the rally may not be backed by strong fundamentals.
Traders Bet Against PI Despite Price Rise
While most cryptocurrencies traded lower on the day, PI has bucked the trend to record gains. However, the rally may not last long, with on-chain metrics signaling growing skepticism among traders.
For example, amid its 4% rally over the past day, IP’s daily trading volume has dipped 38%, indicating that fewer participants support the upward price move.
When an asset’s price rises while its trading volume falls, it suggests that fewer participants are driving the price movement. This indicates weak buying momentum or a lack of broad market support behind the IP price rally.
Such conditions make the coin’s rally unsustainable, increasing the risk of a reversal or pullback.
Furthermore, IP’s funding rate remains negative, reflecting that many traders in the futures market are taking short positions—betting that the price will fall. As of this writing, this stands at -0.14%.
The funding rate is a periodic fee paid between traders in perpetual futures markets to keep contract prices aligned with the spot price. When the funding rate is negative, short traders are paying long traders, indicating that the majority of the market is betting on a price decline.
In IP’s case, the negative funding rate indicates that many traders anticipate a reversal of its recent price rally. This reflects the persistent bearish pressure that has kept the coin’s performance subdued over the past several weeks.
Can IP Rebound? Token Eyes $3.17 If Demand Returns
As of this writing, IP trades at $2.75, hovering above a key support level at $1.59. If demand weakens, IP risks plunge below this floor and potentially fall under the $1 mark.
However, a resurgence in new demand for the altcoin could invalidate this bearish outlook. In that scenario, IP’s price may rebound toward $3.17. A successful break above that resistance could propel the IP token price toward the $4.41 level.
As leading coin Bitcoin weathers one of its most bearish weeks since the start of the year, on-chain data suggests that miners have contributed significantly to the growing sell-side pressure.
On-chain data reveals that miners on the Bitcoin network have ramped up their coin-selling activity, a trend that could exacerbate the downward pressure on the coin’s price.
Bitcoin Bears Take Control as Miner Reserve Dips
According to CryptoQuant’s data, the BTC miner reserve has steadily decreased this week. As of this writing, it stands at 1.80 million BTC, down 1% from the previous week.
The BTC’s miner reserve tracks the number of coins held in miners’ wallets. It represents the coin reserves miners have yet to sell.
When the metric climbs, miners are holding onto more of their mined coins, often signaling confidence in future price increases. Conversely, when the reserve declines like this, miners are moving coins out of their wallets, usually to sell, confirming growing bearish sentiment against BTC.
The coin’s negative miner netflow further confirms this trend. As of April 10, this was -590.40. BTC’s miner netflow tracks the difference between the amount of coins sent to exchanges versus what is withdrawn.
When its value is negative like this, more coins are being moved from miner wallets to exchanges, typically a precursor to selling.
With added downward pressure from this segment of BTC holders, the coin’s price could see deeper corrections in the short term if buying interest fails to counterbalance the ongoing liquidation.
Bitcoin’s Bearish Trend Could See Price Fall to $74,000
On the daily chart, BTC remains significantly below its Super Trend indicator, which forms dynamic resistance above its price at $90,911.
This indicator tracks the direction and strength of an asset’s price trend. It is displayed as a line on the price chart, changing color to signify the trend: green for an uptrend and red for a downtrend.
When an asset’s price trades below its Super Trend indicator, selling pressure dominates the market. This bearish trend could further prompt BTC holders to sell, worsening its price dip. If this happens, the coin’s price could fall below the key support at $80,776 to trade at $74,389.
