• 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
    • What is Bitcoin?
    • 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
    • What is Bitcoin?
    • 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

Traders Snub SushiSwap Bug FUD as SUSHI Explodes Another 15%

Yashu Gola by Yashu Gola
2 months ago
in DeFi
Reading Time: 2min read
SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency, defi, yearn finance

Traders Snub SushiSwap Bug FUD as SUSHI Explodes Another 15%

Advertisement
Nexo Logo
Listen to Article

SushiSwap’s governance cryptocurrency SUSHI fared better than Bitcoin ahead of the New York opening bell Tuesday.

The decentralized finance token surged more than 15 percent during the European session, hitting an intraday high of 1.9471. Traders flocked into the SushiSwap market even as the protocol discovered a serious bug, a vulnerability that eventually led to the draining of about $10,000-15,000 from its fee revenue.

Post-Mortem when I wake up, exploiter got around 10-15k so far from the 0.05% fees cut of Sushiswap.

LP – xSushi holders are safe!

It is a fascinating one thanks @andy8052 @danielque & sushi core devs for the quick reaction and help.

More soon! https://t.co/QmhNMTP28L

— 0xMaki 源 義経 (@0xMaki) November 29, 2020

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

The SushiSwap team fixed the issue while deciding to compensate parties that got affected by the bug.

SUSHI Demand Up

The modest losses incurred failed to turn traders away from increasing their portfolios’ exposure to SUSHI. Instead, they focused more on the prospects of SushiSwap’s latest partnership with Yearn Finance, one of the leading decentralized yield aggregators in the DeFi space.

On Tuesday morning, Yearn Finance creator Andre Cronje detailed the specifics of what he called “one of the more aggressive synergies” with SushiSwap. The prominent developer stated that Yearn Finance would expand SushiSwap’s automated market maker system by merging development resources.

A flurry of joint programs would bring more capital into their liquidity pools, noted Mr. Cronje, adding that “Yearn will participate in Sushi governance and add to its treasury some SUSHI.”

The SUSHI/USD exchange rate started picking momentum around Mr. Cronje’s statements.

SUSHI, SUSHIUSD, SUSHIBTC, cryptocurrency, defi, yearn finance
SushiSwap is up more than 300 percent from its November 4 low of $0.4743. Source: SUSHIUSD on TradingView.com
SushiSwap is up more than 300 percent from its November 4 low of $0.4743. Source: SUSHIUSD on TradingView.com

Maple Lead Investments, an EOS-backed strategist, stated that the SUSHI price could hit $4-10 after its protocol’s alliance with Yearn Finance.

Technical Setup

Technically, SUSHI is trading inside an Ascending Channel formation, as signified by its pullback on each resistance test and a rebound upon every support-line test. Nevertheless, its price rise coincides with declining volumes, showing a bearish divergence in play.

That somewhat increases the possibility of a short-term pullback. As SUSHI/USD retests the Channel support, it may allow traders to open new short entries, with a primary downside target lurking near the Channel resistance. Meanwhile, an extended correction could take the pair to as low as $0.71-0.84 area.

Conversely, a breakout above the Ascending Channel range could have traders open long entries towards $1.91, $2.16, $2.63, and so on (depending on their risk strategies). If the ongoing Bitcoin rally stalls below $20,000, it could also raise the possibility for SUSHI to attempt a push towards $2.16 as its primary upside target.

All the levels hold historical significance as supports and resistances.

TweetShare
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
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN. Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Related Posts

SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop

SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop

2 weeks ago
Bitcoin Altcoins

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

2 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

4 weeks 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

SV-based Taraxa Revolutionizes Legacy Data Auditing With Mathematically Provable Audit Trails

January 15, 2021

Kickoff Your DeFi Journey With YOYO FINANCE – Their Token Sale Is Live

January 14, 2021

RAI Finance Pre-sale Finishes in 1 Minute

January 13, 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
    • What is Bitcoin?
    • 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.