Uniswap falls

Uniswap drops 17% week-to-date

• BlackRock owns 14.56 percent of Bitcoin-heavy MicroStrategy
• Baseball Star to receive endorsement money in Bitcoin
• ShapeShift to Decentralize

BlackRock owns 14.56% of MicroStrategy

BlackRock, one of the largest asset management funds in the U.S., has a 14.56 percent stake in MicroStrategy.

The latter is a NASDAQ-listed company and the biggest holder of Bitcoin. The revelation is a massive boost for Bitcoin and crypto in general, pointing at their respective potential.

BlackRock’s executive has previously mentioned Bitcoin, but they are barred from direct exposure due to regulatory limitations.

However, their investment in MicroStrategy is nifty.

The CEO of the business intelligence firm Michael Saylor has, in recent months, been a vocal Bitcoin evangelist. At the same time, he has been continuously ramping up BTC purchases, directly boosting the public company’s valuation.

As per Bitcoin Treasuries, MicroStrategy holds over 105k BTC valued at more than $3.5 billion.

Saquon to receive all his endorsement Money in Bitcoin

Following Russel Okung’s steps, Saquon Barkley of the New York Giants will be receiving all his endorsement money in Bitcoin.

Increasingly, celebrities and sporting superstars are taking advantage of the liberating features of blockchain, cryptocurrencies, DeFi, and NFTs to rake big money.

Last year, Russel said he would receive half of his $13 million annual salary in BTC. The decision by Saquon is a direct endorsement of crypto, a net positive, especially now when prices are depressed.

ShapeShift is decentralizing

Eric Voorhees, the founder of one of the first non-custodial exchanges, has said the platform is decentralizing. The move is to maintain “fidelity of self-sovereignty over money.”

Today, we announced that ShapeShift is decentralizing.

Unorthodox, but it is the only way to maintain fidelity to the most important principles of crypto; specifically, self-sovereignty over money.

Without that principle upheld, we’re all just LARP’ing.

A thread…

— Erik Voorhees (@ErikVoorhees) July 14, 2021

The exchange, which formed seven years ago, Eric says, has been at the forefront of protecting their user interests while making self-custody easy and fun.

However, a corporate model in the 21st century is akin to fitting a square in a circle.

Instead, Eric says what is needed is fluidity, dissolution of the corporate structure, and decentralization. It is a reason why ShapeShift is now open-sourcing and introducing a new token, FOX.

Uniswap Technical Analysis

The Uniswap price is in red, trickling lower under the weight of sellers.

UNI is down four percent on the last trading day, sinking 17 percent week-to-date versus the USD.

At the time of writing, there is support in lower time frames, resulting in a long lower wick, suggesting demand.

Accordingly, UNI/USDT bulls may recover from spot rates. While aggressive traders may find loading opportunities, risk-on UNI traders may wait for a close above $20—last week’s highs before committing. In that case, UNI/USDT prices may float to $30.

On the flip side, further losses below today’s lows at $16.5 and later $15 invalidates the uptrend, firm ground for bears to press the sell pedal. A break below $15 opens UNI to $10 in the medium term.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

Dalmas Ngetich

Dalmas is a very active cryptocurrency content creator and highly regarded technical analyst. He’s passionate about blockchain technology and the futuristic potential of cryptocurrencies.