{"id":661,"date":"2022-06-12T04:27:04","date_gmt":"2022-06-12T04:27:04","guid":{"rendered":"https:\/\/cryptoteambuild.com\/blog\/tron-dao-buys-50m-worth-of-bitcoin-and-trx-to-add-to-usdd-reserves\/"},"modified":"2022-06-12T04:27:04","modified_gmt":"2022-06-12T04:27:04","slug":"tron-dao-buys-50m-worth-of-bitcoin-and-trx-to-add-to-usdd-reserves","status":"publish","type":"post","link":"https:\/\/cryptoteambuild.com\/blog\/tron-dao-buys-50m-worth-of-bitcoin-and-trx-to-add-to-usdd-reserves\/","title":{"rendered":"Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves"},"content":{"rendered":"<p>Cryptocurrency <\/p>\n<div>\n<div>\n<p>Key takeaways: <\/p>\n<ul>\n<li>Tron DAO Reserve has announced that it has purchased Bitcoin and TRX worth $50 million to add to USDD&rsquo;s reserves.<\/li>\n<li>USDD is currently overcollateralized to the tune of 197%.<\/li>\n<li>The stablecoin of USDD is now backed by 14,040.6 Bitcoin, 140 million USDT, and 1.906 billion in TRX.<\/li>\n<li>The purchase of Bitcoin and TRX comes when BTC retests the $28k support level.<\/li>\n<\/ul>\n<p>Tron DAO reserve, the organization behind the management of USDD&rsquo;s reserves, has just announced that it has purchased $50 million worth of <a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/latest-bitcoin-btc-news\/\" rel=\"noopener\" target=\"_blank\">Bitcoin<\/a> (BTC) and Tron (<a href=\"https:\/\/en.ethereumworldnews.com\/category\/news\/trx-news\/\" rel=\"noopener\" target=\"_blank\">TRX<\/a>).<\/p>\n<p>The announcement of the purchase was made through the following tweet that also explained that the Bitcoin and TRX was &lsquo;to safeguard the overall blockchain industry and crypto market.&rsquo;<\/p>\n<blockquote data-dnt=\"true\" data-width=\"550\">\n<p dir=\"ltr\" lang=\"en\">To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve is buying $50 million worth of <a href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#BTC<\/a> and <a href=\"https:\/\/twitter.com\/hashtag\/TRX?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">#TRX<\/a> for reserve.<\/p>\n<p>&mdash; TRON DAO Reserve (@trondaoreserve) <a href=\"https:\/\/twitter.com\/trondaoreserve\/status\/1535635732525621257?ref_src=twsrc%5Etfw\" rel=\"nofollow noopener\">June 11, 2022<\/a><\/p>\n<\/blockquote>\n<h2>Cryptocurrency USDD is Now Overcollateralized by 197%.<\/h2>\n<p>The purchase of $50 million worth of Bitcoin and Tron (TRX) is part of Tron DAO&rsquo;s mission <a href=\"https:\/\/en.ethereumworldnews.com\/tron-daos-usdd-is-now-over-collateralized-by-over-200-a-first-for-algorithmic-stablecoins\/\" rel=\"noopener\" target=\"_blank\">to overcollateralize<\/a> the stablecoin of USDD by a minimum of 130%. At the time of writing, the algorithmic stablecoin of USDD is overcollateralized by a factor of 197% as highlighted in the screenshot below courtesy of <a href=\"https:\/\/usdd.io\/#\/\" rel=\"nofollow noopener\" target=\"_blank\">the USDD website<\/a>.<\/p>\n<figure aria-describedby=\"caption-attachment-572345\" id=\"attachment_572345\"><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/USDD-Stats-June-11th.jpg\"><img decoding=\"async\" alt=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 15\" height=\"527\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/USDD-Stats-June-11th-1024x527.jpg\" title=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 17\" width=\"1024\"><\/a><figcaption id=\"caption-attachment-572345\">USDD current stats on reserves, collateralization, and issuance. Source, USDD.io<\/figcaption><\/figure>\n<h2>Cryptocurrency USDD Reserves=14k BTC, 140M USDT and 1.906B TRX<\/h2>\n<p>In addition, the screenshot above points out that USDD is currently backed by 14,040.6 Bitcoin, 140 million in Tether (USDT), and 1.906 Billion Tron (TRX). USDD reserves are also currently valued at $683.515 million.<\/p>\n<h2>Cryptocurrency Bitcoin Hits a Local low of $28,099<\/h2>\n<p>The $50 million purchase of Bitcoin and TRX by the Tron DAO reserve comes at a time when BTC is undergoing <a href=\"https:\/\/en.ethereumworldnews.com\/central-banks-monetary-policy-is-dominating-bitcoin-and-crypto-weiss-ratings\/\" rel=\"noopener\" target=\"_blank\">a considerable pullbac<\/a>k to a local low of $28,099 set only moments ago. The daily BTC\/USDT chart below still points towards a bearish few more days for Bitcoin. The daily MFI, RSI and MACD hint at a continuation of selling below the 50-day moving average (white)<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/BTCUSDT_2022-06-11_19-53-12.png\"><img decoding=\"async\" alt=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 16\" height=\"603\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/BTCUSDT_2022-06-11_19-53-12.png\" title=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 18\" width=\"970\"><\/a><\/p>\n<h2>Cryptocurrency Bitcoin&rsquo;s 6-Hour Chart Hints that the $28k Support Might Hold.<\/h2>\n<p>However, as highlighted below, Bitcoin&rsquo;s 6-hour chart hints that the selling could find a short-term floor at the $28k support area.<\/p>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/BTCUSDT_2022-06-11_19-57-01.png\"><img decoding=\"async\" alt=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 17\" height=\"546\" loading=\"lazy\" src=\"https:\/\/en.ethereumworldnews.com\/wp-content\/uploads\/2022\/06\/BTCUSDT_2022-06-11_19-57-01.png\" title=\"cryptocurrency Tron DAO Buys $50M Worth of Bitcoin and TRX to add to USDD Reserves 19\" width=\"970\"><\/a><\/p>\n<p>Furthermore, $28k could be a considerable support zone for Bitcoin given that the 6-hour MFI and RSI hint at an oversold scenario. But caution is advised attempting to long Bitcoin at current levels given the low trade volume that is characteristic of weekends during crypto bear markets.<\/p>\n<p>Consequently, a wait and see approach might be a more logical move given that Bitcoin is yet to retest the $26,700 low set during the crypto market sell-off catalyzed by UST&rsquo;s depegging event in early May.<\/p>\n<\/div>\n<\/div>\n<p><a href=\"https:\/\/en.ethereumworldnews.com\/tron-dao-buys-50m-worth-of-bitcoin-and-trx-to-add-to-usdd-reserves\/\" class=\"button purchase\" rel=\"nofollow noopener\" target=\"_blank\">Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cryptocurrency Key takeaways: Tron DAO Reserve has announced that it has purchased Bitcoin and TRX worth $50 million to add to USDD&rsquo;s reserves. USDD is currently overcollateralized to the tune of 197%. The stablecoin of USDD is now backed by 14,040.6 Bitcoin, 140 million USDT, and 1.906 billion in TRX. The purchase of Bitcoin and TRX comes when BTC retests the $28k support level. Tron DAO reserve, the organization behind the management of USDD&rsquo;s reserves, has just announced that it has purchased $50 million worth of Bitcoin (BTC) and Tron (TRX). The announcement of the purchase was made through the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":662,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[6],"tags":[18,255],"_links":{"self":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/661"}],"collection":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/comments?post=661"}],"version-history":[{"count":0,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/posts\/661\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media\/662"}],"wp:attachment":[{"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/media?parent=661"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/categories?post=661"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/cryptoteambuild.com\/blog\/wp-json\/wp\/v2\/tags?post=661"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}