• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

Yearn.finance (YFI) Plunges Back Toward $10,000 Despite 20% Relief Rally

Nick Chong by Nick Chong
2 years ago
in YFI
Reading Time: 3 mins read
Advertisement

Yearn.finance (YFI) underwent a strong bounce on Friday after the coin hit multi-week lows of $9,800. The cryptocurrency surged around 20% from $9,800 to $11,900 over the span of eight hours.

But unfortunately for buyers of the cryptocurrency, it has continued to decline. Yearn.finance’s governance token currently trades for $10,500, failing to hold the aforementioned highs despite strength in the Bitcoin price.

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

Yearn.finance Drops Toward $10,000

YFI currently trades for $10,500, down over 10% from the local highs of $11,900.

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

Market data suggests that this continued sell-off is a byproduct of futures short selling. Mechanism Capital’s Andrew Kang shared the tweet seen below on October 30th, noting that YFI’s recent downward price action has been predicated on the open interest of Binance’s YFI futures market rising. This indicates that investors may be increasingly shorting the asset, resulting in downward price action.

There were also a number of transactions spotted by investors where early YFI adopters deposited large sums of the cryptocurrency into Binance. It is believed that those coins were sold for fiat, resulting in some of the downward price action we are seeing now.

OI on $YFI at new ATHs, surpassing first capitulation at 12k earlier this month

12k-15k liquidity capitulated into high volume at 10ks (same as first capitulation into 12ks

Sell side orderbooks thin

What happens to shorts on a bounce up? pic.twitter.com/Bc03Vhm2Cn

— Andrew Kang (@Rewkang) October 30, 2020

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The drop in the price of the Yearn.finance coin comes in the face of positive fundamental trends. Yields offered by the protocol’s Vaults products have begun to move higher as fresh strategies have been activated. Yearn.finance developers are also expected to roll out Vaults V2 shortly, which should further improve the performance of the protocol and fees accrued to YFI holders.

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

Expect Altcoins to Underperform?

While YFI may have fundamentals going for it, they may not be enough to stop the cryptocurrency from underperforming relative to Bitcoin.

Su Zhu, CIO and CEO of Three Arrows Capital, recently stated that Bitcoin rallying rapidly will automatically compress altcoin returns:

“$BTC going up swiftly is not only not bullish for alts but it’s bearish. Reasons for this are myriad but boil down to the fact that money is a coordination game and Bitcoin is the Schelling point; this is independent of how you feel about it, community is literally irrelevant.” 

Analyst Qiao Wang also recently stated that he wouldn’t be surprised to see DeFi coins such as Yearn.finance’s YFI drop further from here.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: YFIUSD, YFIBTC, YFIETH
Charts from TradingView.com
Yearn.finance (YFI) Plunges Back Toward $10,000 Despite 15% Relief Rally
Tags: DeFiyearn financeyfibtcYFIETHyfiusd
Tweet123Share196ShareSend
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

YFI, YFIUSD, YFIBTC, YFIUSDT, cryptocurrency

Yearn Finance’s YFI Hits $50K Before Bitcoin as Grayscale Shows Interest

1 year ago
YFI

Yearn.finance Founder Andre Cronje Drops Hints About v2 Vaults

1 year ago
This Legacy Crypto has the “Largest Bullish Divergence Ever,” Claims Analyst

Yearn.finance (YFI) Could be Coiling Up for a Rally; Analysts Eye $27,000

2 years ago
Here’s Why Yearn.finance’s YFI Could Soon Gain Some Explosive Momentum

Here’s Why Yearn.finance’s YFI Could Soon Gain Some Explosive Momentum

2 years ago
Bitcoin Altcoins

It’s “Bounce or Die” for Yearn.finance’s YFI as Selling Pressure Ramps Up

2 years ago
Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery

Here’s the Key Level Yearn.finance (YFI) Needs to Break to See Price Discovery

2 years ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

GBEX: The exchange token of a “new kind”.

July 4, 2022

Web3 Delight Lagos – Breaking barriers to pave the way for the digital future

July 4, 2022

LBank Exchange Will List DOTORI (DTR) on July 4, 2022

July 4, 2022

WorldPF (WDPF) Is Now Available for Trading on LBank Exchange

July 4, 2022

MetaBitcoin (MBTC) attracts investment from Dubai’s first royal crypto fund, Alawad Fund

July 4, 2022

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

Crypto Prices from Nomics

Cryptocurrency news

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

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 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.