• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news today, price & technical analysis
Price & Market
Cap Data from
Nomics Logo
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • TradeeToro
  • Gamble +Try
  • Play GamesTry
  • BUY BITCOINTry
No Result
View All Result
NewsBTC
No Result
View All Result
Price & Market
Cap Data from
Nomics Logo
Home Technical analysis DeFi

SushiSwap’s SUSHI Bounces 10% as Crypto Market Recovers

Nick Chong by Nick Chong
1 month ago
in DeFi
Reading Time: 2min read
Top Yearn.finance Farmer Sends $1.4m Worth of YFI to Binance
Advertisement
Listen to Article

SushiSwap (SUSHI) incurred a strong drop this past week, falling alongside Bitcoin, Ethereum, and the rest of the DeFi market. The price of the leading cryptocurrency fell from its multi-month highs near $2.50 to $1.95 in a strong move lower.

This move was much more rapid and deep than drops in other cryptocurrencies. But quickly, the market has picked up the slack. SUSHI is up 10% in the past 24 hours, pushing from the $2.00 region to $2.22 as it recovers in line with Bitcoin and Ethereum.

BTC trades at $18,800 as of this article’s writing, moving higher after days of consolidation in the low-$18,000s. Many think that BTC is benefiting from the news that MicroStrategy will be purchasing $650 million worth of BTC. This purchase is likely to have a material impact on the market, even if it is purchased algorithmically.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

SUSHI may be rallying as Bitcoin leads the rest of the crypto-asset market. Further, there are fundamental trends set to drive the cryptocurrency higher.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

SushiSwap Fundamentals Add to SUSHI Rally

SushiSwap’s developers are currently working on a core product called BentoBox that will add value to those that use the core decentralized exchange.

This product is known as BentoBox. BentoBox is seeking to become a money market solution that will allow users to margin short any token where there is a market. As “BoringCrypto,” the core SUSHI developer of this new product, writes:

“Platforms like Compound and Aave allow users to deposit assets as collateral and borrow other assets against this. These protocols have attracted billions of dollars, but they suffer from some major limitations. Taking away these limitations could see much larger adoption. This proposal aims to do just that… This will allow for the creation of thousand of lending pairs for any token, creating the ability to go margin short on a large variety of tokens. This is something that is in high demand, but currently not available for most tokens.”

Many think that this will add value to the SushiSwap ecosystem and potentially result in more fees distributed to SUSHI holders.

Quantstamp, a leading auditing firm, is in the midst of auditing this new product.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

SushiSwap Partnership

SushiSwap recently entered a partnership/merger with Yearn.finance, one of the leading DeFi protocols.

This partnership allows the two protocols to realize synergies between products and developers, bringing value to both products.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
SushiSwap's SUSHI Bounces 10% as Crypto Market Recovers
Tags: sushiSushiSwap
TweetShare
Nexo Logo
BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner? Win up to $1,000,000 in One Spin at CryptoSlots
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop

SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop

3 weeks ago
Bitcoin Altcoins

Compound (COMP) Outruns Top DeFi Tokens as TVL Closes Above $2B

3 weeks ago
bitcoin defi ethereum

Analyst: Post Bitcoin, Traditional Finance Will Flock To DeFi, Not Ethereum

3 weeks ago
Ethereum

Synthetix (SNX) Gains 4% Despite Strong Drop in Ethereum Price

1 month ago
SUSHI, SushiSwap, cryptocurrency, DeFi

SushiSwap (SUSHI) Jumps 15% on Liquidity Mining Data; What’s Next

1 month ago
Bitcoin price

DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP

1 month ago

Premium Partners

Top Brokers

eToro

eToro

Review · Visit
Changelly

Changelly

Review · Visit
Evolve Markets

Evolve Markets

Review · Visit
ArbiSmart

ArbiSmart

Review · Visit
PrimeXBT

PrimeXBT

Review · Visit
Moneta Markets

Moneta Markets

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bonusfinder DE

Bonusfinder DE

Review · Visit
Bspin

Bspin

Review · Visit
Wolf Bet

Wolf Bet

Review · Visit

Top Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

Bit.com To Launch Industry’s First BCH Options

January 20, 2021

NOWPayments Presents: Fiat Conversion

January 20, 2021

The Foundation for Economic Education Announces Two Major Gifts from Bitcoin.com Founder Roger Ver

January 19, 2021

Newsletter Signup


ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Auto Trading Software ▸

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2020 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Cardano
    • Tezos
    • EOS
    • Chainlink
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Education
    • Accepting Bitcoin payments
    • Using Bitcoin
    • What is Bitcoin Mining
    • How to Trade Bitcoin
    • How to Buy Bitcoin
    • Digital Currency Exchange
    • Proof of Existence
    • Is Bitcoin legal?
    • Bitcoin Books
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Trade
  • Gamble +
  • Play Games
  • BUY BITCOIN

© 2020 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.