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Render Token (RNDR), plunges 15% in 24 Hours despite outperforming all crypto markets this week

Render Token (RNDR) has been a star performer in crypto over the last week or so. The coin is outperforming the market and surging higher than most coins that seem to be slowly recovering from the January slump. But the coin saw immense selling pressure today, tanking by nearly 15%. These are some highlights: At…

Render Token (RNDR) has been a star performer in crypto over the last week or so. The coin is outperforming the market and surging higher than most coins that seem to be slowly recovering from the January slump. But the coin saw immense selling pressure today, tanking by nearly 15%. These are some highlights:

  • At press time, Render Token was trading at $3. 27, down by 15% in the last 24 hours.

  • Despite the intraday plunge, RNDR is still 32% up over the last 7 days, indicating just how strong the recent uptrend has been.

  • The coin has in fact surged by over 70% compared to the lows of $1.8 recorded barely a week ago.

Data Source: Tradingview

Render Token (RNDR) – Can the uptrend hold?

Many analysts are optimistic about Render Token’s (RNDR). The price action of the coin over the past week shows that it is in a bullish uptrend. The 15% 24-hour plunge could be a much-expected pullback. The overall outlook is not affected by it and Render Token’s (RNDR) will continue to outperform the market over the next few days.

The key is to monitor if there are any additional bear pressures in the next few days. It is possible that the price will retreat towards $2. 89 support zone, we may start to see RNDR lose momentum.

Should you buy Render Token (RNDR)

Render Token is described as a distributed GPU rendering network that offers GPU computing power. The project is built on Ethereum and started operating in 2017.

There is a host of other blockchain projects that seek to provide decentralised computing resources. Render Token (RNDR), however, targets the design sector and can build a solid niche in this market. It’s a good asset to have over the long term.

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Bitcoin

Former Coinbase Business Developer: ‘There Wasn’t a Long-Term Case for Bitcoin Payments’

Nick Tomaino, a former business developer and marketing lead at Coinbase, explained how the idea of bitcoin for payments gradually lost its relevance in the market. Tomaino detailed that Coinbase rode this premise back in 2014 to raise $125 million in two funding rounds, but it was quickly clear that there was not a case [……
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Bitcoin

Japanese Corporation Metaplanet Acquires More Bitcoin, Stock Price Soars

Metaplanet, a publicly traded corporation on the Tokyo Stock Exchange, has announced an investment of 23.351 bitcoins, with an average purchase price of 10,706,180 yen per BTC, totaling 250 million yen ($1.6 million). The company now holds 141.0727 bitcoins, with an average purchase price of 10,278,391 yen per BTC…
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Bitcoin

BTC slips amid poor debut for Hong Kong spot ETFs

Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading. Data showed trading volumes hit just over $11 million, against expectations of over $3oo million. Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading…


  • Bitcoin fell to under $62,000 after spiking past $64,700 earlier as Hong Kong spot Bitcoin and Ethereum ETFs began trading.
  • Data showed trading volumes hit just over $11 million, against expectations of over $3oo million.

Bitcoin price fell below $62,000 again amid market reaction to less than encouraging numbers from the first day of trading for much hyped spot Bitcoin and Ethereum ETFs in Hong Kong.

BTC was down about 1.4% at the time of writing, having touched lows of $61,587 across major crypto exchanges.

The benchmark cryptocurrency, which has struggled to reclaim key levels since its recent halving event, was seeing a 24-hour trading volume of $28.4 billion.

Bitcoin price and Hong Kong spot ETFs debut

Earlier, Bitcoin price surged to above $64,000 as the six spot Bitcoin and spot Ethereum ETFs went live in Hong Kong.

The flagship cryptocurrency rose to over $64,727 on US-based crypto exchange Coinbase. BTC also soared after reports Hong Kong approved the listing of the ETFs.

NEW: 🇭🇰 Opening ceremony of Hong Kong spot #Bitcoin ETFs 👏 pic.twitter.com/ux1eb5PqRn

— Bitcoin Magazine (@BitcoinMagazine) April 30, 2024

However, as data streamed in showing disappointing trading volumes and inflows, Bitcoin price took a hit. According to details of the six ETFs’s debut day, total trading volume reached just $11 million, not impressive given projections were much higher at over $300 million.

Bitcoin ETFs saw about $8.5 million while Ethereum ETFs recorded just $2.5 million on the first day. Ethereum price fell to $3,040.

Notably, the figures from Hong Kong are way lower compared to those recorded amid the enthusiasm that greeted the launch of spot Bitcoin ETFs in the US in January. On their debut, the US spot BTC ETFs raked in over $4.6 billion in trading volume.

The start to trading for the ETFs has not helped BTC price and BTC could face a slide under the $60k level if sentiment flips negative. On the upside, resistance at $65k remains critical and a breakout could see the bellwether digital asset soar towards its recent peak.


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