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Tron price prediction by Unifi Protocol TVL explodes

Tron prices held steady on Saturday, as investors continue to focus on the ongoing cryptocurrency recovery and the gains made through UNIFI. The TRX token rose $0. 70, which is about 50% above the lowest level this year. Its market cap has jumped to over $6.4 billion, making it the 17th biggest cryptocurrency in the…

Tron prices held steady on Saturday, as investors continue to focus on the ongoing cryptocurrency recovery and the gains made through UNIFI. The TRX token rose $0. 70, which is about 50% above the lowest level this year. Its market cap has jumped to over $6.4 billion, making it the 17th biggest cryptocurrency in the world.

Unifi protocol and USDD growth

The TRX price has surged sharply over the past weeks, as cryptocurrencies rebound. XRP, Bitcoin, Ethereum and Bitcoin have all seen significant gains in recent weeks, with the market cap for all digital coins reaching over $1.1 trillion.

Tron also rose due to the significant gains made by USDD (the stablecoin) that was launched in May of this year. USDD, an algorithmic crypto coin with high collateralization, hopes to be a major player in the crypto market.

However, concerns remain about the slow growth of the currency. Its market cap is now $725 millions. After it moved from $0 and saw strong inflows, however. This could indicate that the coin’s demand may have reached its peak.

One, investors are worried about its future because the coin is algorithmic and is backed with risky cryptocurrencies such as TRX and Bitcoin.

The expanding DeFi universe has caused the

Tron market to rise. According to DeFi Llama’s data, Tron’s total value locked (TVL), has increased to $5. 88 billion makes it the third largest platform, after Ethereum and BNB.

The Unifi Protocol has driven the majority of this growth. The total value locked in Unifi has jumped by 581% in the past 30 days to $1.5 million. This is remarkable considering that Unifi is a relatively new platform. Unifi offers several products such as uTrade and uStake.

Tron price prediction

The four-hour chart shows the strong bullish trend of the TRX price over the past few days. It has maintained above the ascending trendline in red. At the same time, it has moved slightly above the 25-day moving average while the Relative Strength Index (RSI) has moved slightly below the overbought point at 70.

It is likely that Tron’s price will rise in August due to increased demand. If this happens, the next key resistance level to watch will be at $0.80.

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

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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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