• 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
  • Bitcoin Casino ReviewsTry
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
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Nexo Logo

YFI Worst Hit by Ongoing Crypto Market Meltdown; Could It Recover?

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin, Technical analysis
Reading Time: 2 mins read
Advertisement

YFI has been among the worst-hit tokens in an ongoing meltdown that has wiped $65 billion from the cryptocurrency market.

As of 1223 GMT Tuesday, YFI/USD was trading about 47 percent lower from its all-time high at $44,003. The pair’s downside correction followed a major rally that brought it up by more than 2,500 percent until last week. So it appears, traders decided to lock their profits at local tops, causing the market to flip bearish later.

YFI, yearn finance, cryptocurrency, YFIUSD, YFIUSDT, YFIBTC
YFI is eyeing a $20K-retest in the coming sessions. Source: TradingView.com
YFI is eyeing a $20K-retest in the coming sessions. Source: TradingView.com

Independent market analyst Michaël van de Poppe suggested that YFI could undergo further downside corrections, especially after rejecting a move above $26,000. He noted that the bearish state of the entire cryptocurrency market could leave YFI equally weak.

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

Meanwhile, Sam Bankman-Fried of FTX blamed the correction in the decentralized finance sector behind the recent fall in YFI. The CEO said that the token’s underlying value largely comes from “yield farming.” But with a recent drop across the crypto board, returns from the DeFi projects have been dismissive, affecting YFI in the process.

Growth Ahead?

Away from the technicalities, YFI signaled long-term market growths based on the projected growth of its parent ecosystem, Yearn Finance.

As Mr. Bankman-Fried also noted, Yearn Finance has grown from a simple aggregator into a full-fledged DeFi ecosystem. It is because of the protocol’s creator, Andre Cronje, that have built and integrated new services atop their asset management tools.

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

The Yearn Finance ecosystem now includes insurance, venture financing, decentralized exchange, lending, and stablecoin products. The protocol simultaneously manages $1 billion worth of liquidity pool under its aggregation services.

11) and in particular, @AndreCronjeTech keeps building, so though I'm bearish on YFI as it exists right now, YFI might become something much more powerful over time.

IDK, YFI seems much more like a bet on @AndreCronjeTech then a bet on @iearnfinance to me.

— SBF (@SBF_Alameda) September 21, 2020

Bullish YFI

Ryan Watkins, a researcher at data service Messari, said Yearn Finance is slowly becoming the Amazon of the DeFi market, especially as it powers the launch of StableCredit, a protocol for decentralized lending, stablecoins, and automated market-makers.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.

“StableCredit helps scale Yearn’s vaults,” Mr. Watkins explained. “Yearn is currently limited in where it can deploy capital and the current system is capped. This is the reason why the yETH vault was temporarily shut down.”

“The idea with StableCredit is that it will create more liquidity for vaults, which will help vaults scale, which will create even more liquidity, which will help vaults scale even more, and so on in a virtuous cycle.”

If successful, StableCredit can remove the caps on the Yearn Finance’s asset under management. And with more AUMs would come more withdrawals and fees for YFI holders. That, in turn, would increase the appeal of the token.

Tags: cryptocurrencyyearn financeyfiyfibtcyfiusdyfiusdt
Tweet123Share196ShareSend
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

TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

TA- Price Of Ethereum Struggles To Hold $1,700, Are Bears Taking Over?

2 hours ago
Ethereum

TA: Ethereum Uptrend Vulnerable Unless It Surges Past $1,900

11 hours ago
Bitcoin

TA: Bitcoin Price Showing Early Signs of Fresh Downtrend, But $22.5K Is The Key

13 hours ago
Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

19 hours ago
TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

TA- Binance Coin Price Fails To Break $337, Have Bulls Given Up?

20 hours ago
bitcoin

Bitcoin Price Must Clear This Level If It Wants To See $28,000

22 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

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

World’s First Auto-Rebasing Layer 1 Blockchain Is Set for 2023 Release

August 19, 2022

StarBlock Token (STB) Is Now Available for Trading on LBank Exchange

August 19, 2022

LBank Exchange Will List BTCMININGNFT (BMN) on August 19, 2022

August 19, 2022

Investors’ Attention Turn from Sushi (SUSHI) and Holo (HOT) To Favorite Degrain (DGRN)

August 19, 2022

Smart and Social Web3 Platform Blockify Raises $2.2M

August 19, 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
  • Bitcoin Casino Reviews

© 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.