The cryptocurrency market has turned things around in the last 24 hours after a poor start to the week.
Bitcoin, the leading cryptocurrency by market cap, is trading above $67k once again, while Ether is approaching the $2k psychological level.
Uniswap’s UNI is one of the best performers among the top 50 cryptocurrencies by market cap.
UNI is up 4.5% in the last 24 hours and now trades above $3.4. It briefly topped the $4.5 level before retracing to its current level.
UNI rallies as Uniswap Labs partners with Securitize
UNI surged by nearly 5% in the last 24 hours and briefly touched the $4.5 resistance level.
The rally came after Uniswap Labs announced on Wednesday that it had partnered with Securitize to make BlackRock USD Institutional Digital Liquidity Fund (BUIDL) shares available to trade via UniswapX technology.
According to Uniswap, this integration will enable on-chain trading of BUIDL, both unlocking new liquidity options for BUIDL holders. It is a crucial feature that could bridge the gap between traditional finance and DeFi.
Today, we are announcing a strategic integration in collaboration with @Securitize, to make @BlackRock USD Institutional Digital Liquidity Fund (BUIDL) available to trade via UniswapX through Securitize
Hayden Adams, Uniswap Labs Founder and CEO, pointed out that the firm’s duty is to make exchanging value cheaper, faster, and more accessible.
“Enabling BUIDL on UniswapX with BlackRock and Securitize supercharges our mission by creating efficient markets, better liquidity, and faster settlement. I’m excited to see what we build together,” Adams added.
Uniswap explained that Securitize Markets will facilitate trading for any BUIDL investor who elects to participate through UniswapX’s RFQ framework.
By leveraging an automated system, participants can identify the most competitive quote from an ecosystem of whitelisted market participants known as subscribers (including Flowdesk, Tokka Labs, and Wintermute).
Trades are settled atomically on-chain through immutable smart contracts. Carlos Domingo, CEO of Securitize, noted that this is the unlock they have been working towards.
“For the first time, institutions and whitelisted investors can access technology from a leader in the decentralized finance space to trade tokenized real-world assets like BUIDL with self-custody,” Domingo added.
The integration of UniswapX and Securitize now allows investors to gain access to available quotes across the market and swap BUIDL bilaterally with available whitelisted subscribers 24/7, 365 days a year.
UNI could reclaim $4 as market sentiment turns bullish
The UNI/USD 4-hour chart is bullish and efficient as Uniswap has performed excellently in recent days.
The momentum indicators suggest that the bulls could push the price higher in the near term.
The MACD lines are converging towards the neutral zone, indicating a fading bearish momentum.
The RSI of 48 is also approaching the neutral 50, suggesting that the bulls are regaining control of the market.
If the trend persists, UNI could hit the weekly high of $4.562 over the next few hours or days.
However, failure to build on the bullish momentum could see UNI’s correction continue, with the support level at $2.883 likely to be revisited in the near term.
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