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The price of Bitcoin is steadily settling below $42,000 as the hours progress, which is not a very good development in the short term. However, those preparing for the bull season and focusing on longer-term goals are in the majority. Today, we saw a major DeFi platform expand into Bitcoin. We discuss the details and long-term effects of this latest move.
Uniswap Expands into Bitcoin
GFX Labs announced today that Decentralized Exchange Uniswap has been expanded to Rootstock, a Bitcoin sidechain. The largest DeFi platform operates on Ethereum and its sidechains Arbitrum, Optimism, and Polygon. The latest step allowing Ethereum-based Uniswap to benefit from the security and power of Bitcoin could potentially expand the DeFi user base further. The press release stated;
“Rootstock‘s bringing together of Bitcoin’s security and Ethereum’s smart contract capabilities, now enhanced with Uniswap v3, signals a new process”.
Bitcoin had potentially gained smart contract capabilities after the Taproot update at the end of 2021. However, we had not seen its applications until the recently launched Ordinals protocol. Developers are now trying to transform the king of cryptocurrency into something Ethereum-like through sidechains and directly over the Bitcoin network.
If more concrete steps are taken for smart contracts on the Bitcoin network and interest increases, it will be a major competitor to giants like Solana, Aptos, Avalanche, and even Ethereum.
UNI Coin Price Predictions
In the midst of Bitcoin price fluctuations, UNI Coin has returned to the threshold of $6 once again. The critical support level is at $5.9, and closures below this could potentially erase recent gains. In a scenario where the downturn continues, we could see a drop to $5.65 and even $5. Investors focused on news from the US on Wednesday are currently preferring to reduce their risks in altcoins.
The cumulative value of cryptocurrencies is at risk of falling from $1.63 trillion to the $1.25 trillion area. Like other altcoin investors, those holding UNI Coin will also closely watch the ongoing correction in the BTC price. If BTC continues to stay below $42,000, it could drop to $36,000, in which case it would not be surprising if the UNI Coin price retracts to $5.
Over-sales could also see us witnessing spikes down to $4.87 and $4.
