Market Wrap: Bitcoin Recovers to $18.2K While Market Dynamics Juice DeFi Tota...
Bitcoin fell below $18,000 Wednesday while DeFi closing in on $15 billion locked may have more to do with price than actual cryptocurrency parked there.
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When it comes to valuation of any commodity there are two main players in the game, producers and investors. Let's take an example from the real world orange juice market. There are producers, the orange farmers, who utilize their land to create material commonly known as oranges. The primary requirements to produce oranges are land, farming equipment and labor. Add the cost of the resources together and the farmer has a base price in which he is willing to sell them. Orange juice manufacturers are buyers of the oranges to produce a good, orange juice, that we all enjoy from time to time.....
Bitcoin’s price crested an all-time high $40,000 mark while DeFi total value locked hits a new record on market fervor.
Bitcoin’s price hit $13,600 before retrenching while some investors pulled crypto out of DeFi.
Its price fell Tuesday but the amount of BTC in DeFi is at its highest in over a month.
Bitcoin’s price was close to $16,000 Friday but lost momentum while ether locked in DeFi is on a downward trend.