DeFi sector’s weakness might just make it the ultimate Bitcoin hedgeBTC $13,821 (+1.8%) • ETH $389 (+1.5%) • XRP $0.24 (+0.7%)
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The DeFi sector has been caught in the throes of a relentless selloff over the past two months, with bulls unable to gain any traction as many of the tokens sink against USD and Bitcoin. Bitcoin’s intense strength has made this selloff quite surprising, as many investors previously speculated that strength amongst the major digital assets would lead traders to allocate more capital to “high beta” assets – like those residing in the DeFi market. Thus far, this hasn’t been the case, and even major cryptocurrencies like Ethereum have been sinking in value against Bitcoin. This has led one legendary crypto trader to note that shorting major DeFi altcoins could be the best way to hedge against any potential BTC downside in the near-term. 📈 Trending … DeFi Tokens • Oracle Tokens • Biggest Gainers • Stablecoins More news ⏬Top fund manager thinks Ethereum DeFi shorts make little sense hereIt’s been a brutal past two months for the DeFi market. Yearn.finance (YFI) fell to four digits—but are whales accumulating?The price of YFI, the native token behind the decentralized finance (DeFi) giant Yearn.finance dropped to double-digits. As crypto lending app Cred suspends withdrawals, Uphold terminates its contractCrypto lending app Cred purged its services earlier this week amidst allegations of fraud coming to light. How COVID-19 has impacted crypto mining operations2020 has become the year of the pandemic, and COVID-19 has affected nearly all reaches of life, including the cryptocurrency industry. Top crypto fund manager explains the bull case for Uniswap (UNI)It’s been a bloody past few weeks for the DeFi market. IOHK rolls out Marlowe Playground and announces winners of $10,000 Cardano hackathonIOHK, the company behind the Cardano blockchain, has officially rolled out Marlowe Playground, an application-building platform that allows non-programmers to build financial smart contracts on Cardano. This country will now buy state-mined Bitcoin to fund importsThe Irani government will now allow imports to be paid for using Bitcoin, as per a recent report in local publication ISNA. Almost 1% of all Bitcoin in circulation is now used on EthereumOne of the biggest focuses of this past year in DeFi has been the rapid rise of Wrapped Bitcoin, tBTC, and other projects that allow investors to deposit their BTC in exchange for an Ethereum-based token representing a claim on that Bitcoin. Report finds majority of DeFi exchanges have poor securityThe popularity of decentralized exchanges (DEXs) has grown multifold in 2020, marked by the public interest in the broader DeFi sector and the demand for non-custodial crypto solutions. Control your wealthAd: A trusted and accessible wealth management ecosystem powered by blockchain technology, SwissBorg puts your wealth back in your hands. 🗞 Got a story tip? Email tips@cryptoslate.com Crypto market dataFor more pertinent market data, please see: Connect with usDisclaimer: None of the content in this newsletter is meant to be financial advice. Please do your own due diligence before taking any action related to the content within this article.
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DeFi sector’s weakness might just make it the ultimate Bitcoin hedge