DeFi plummets: 3 reasons for the 46% correction from YFI, UNI, DEX tokens
Ethereum’s correction triggered a DeFi-token collapse which resulted in YFI and UNI dropping by 46%. After outperforming Bitcoin (BTC) and Ether (ETH) strongly in August, Decentralized Finance (DeFi) tokens are now plummeting as many registered losses of up to 50%. Cryptocurrency daily market performance snapshot. Source: Coin360At the moment, the two coins garnering the most attention are Yearn.finance (YFI) and Uniswap (UNI) as both have dropped by 46% and 48% since reaching a monthly peak.YFI/USDT 4-hour chart. Source: TradingView.comThree catalysts appear to be behind the correction:....
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DeFi giants YFI, AAVE, and COMP plummet by over 10% within 20 hours as the market pulls back on Bitcoin and Ether uncertainty. Major decentralized finance (DeFi) tokens Yearn.finance (YFI), AAVE and Compound (COMP) plunged steeply in the last 24 hours. The three DeFi tokens, which are valued well over $500 million, declined by over 10% on the day.Yearn.finance, AAVE, COMP 15-minute chart (Binance). Source: TradingView.comThree reasons why DeFi-related cryptocurrencies pulled back particularly hard are low volume, the declining Ether (ETH) price, and the uncertainty around Bitcoin....
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The DeFi market has corrected hard as Bitcoin dropped below $40,000, but analysts say a recovery is likely. The decentralized finance or DeFi market saw a steep correction over the last 12 hours as Bitcoin (BTC) was unable to break the $41,000 level.Meanwhile, analysts say that the profits from major DeFi tokens are flowing back into Bitcoin, even though the DeFi market is still lagging behind despite BTC’s recovery over the past week.1-hour candle DeFi index (Binance). Source: TradingView.comSo what’s next for the DeFi market?Both major bluechip DeFi tokens and small market cap....
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