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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Yearn.finance (YFI) Rips $2,500 Higher After Brutal 80% Correction

Nick Chong
Nick Chong
1 year ago
2 mins read

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Yearn.finance (YFI) and other DeFi coins capitulated on Thursday after a 70% correction. Most coins pertaining to this space lost 10-20% in the span of a single day, plunging as Bitcoin sucked all the air out of the room.

At the lows, YFI was down some 80% from its $44,000 all-time high, set just two months ago. It was one of the worst-performing DeFi large caps, presumably due to the amount of short selling that took place.

YFI is bouncing back, though, at long last. The Yearn.finance coin has gained $2,500 in the past 24 hours as there seems to be a sense of accumulation amongst investors.

It also appears that capital is cycling from Bitcoin, which rallied $2,000 yesterday, into altcoins. BTC was outperforming altcoins on the way up, but since it has begun consolidation, this has changed.

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

Yearn.finance (YFI) Explodes Higher

YFI is exploding higher after a brutal correction. The coin is up $2,500 in the past 24 hours alone as buying volume finally appears for top DeFi coins.

YFI is the best-performing crypto-asset in the top 100 of the past 24 hours. It is up 22%, outperforming BTC’s five percent performance and ETH’s ten percent performance.

It appears that the strength of Yearn.finance’s move higher is a result of a short squeeze taking place on-chain. A user that borrowed $3 million worth of YFI to short it via Aave, a decentralized money market, has had to pay back the loan as he nears liquidation.

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

DeFi Bottom Not In?

Not everyone is convinced that the DeFi bottom is in, though.

Qiao Wang, a prominent analyst that has been following DeFi for a while, said:

“I constantly update my views and unfortunately it looks like there’s going to be more pain in DeFi. Originally I thought we won’t see a 80-90% crash which is typical of alts because of the level of sophistication of DeFi investors but that thesis is being invalidated.”

This has been echoed by other players in the space, who note that Bitcoin is likely to explode higher and leave altcoins behind for the time being. The leading cryptocurrency’s rally has focused all attention and capital away from altcoins.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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Yearn.finance (YFI) Rips $2,500 Higher After Brutal 80% Correction
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Nick Chong
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.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

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The highest standards in reporting and publishing
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