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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

Top Defi Dogs YFI, LEND, and UNI Correct Nearly 20%

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
2 mins read
defi yfi lend uni dog

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Created by industry experts and meticulously reviewed
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Bitcoin, Ethereum, and other major crypto assets all plummeted over the last several hours, but few have dropped as hard as top DeFi tokens, YFI, LEND, and UNI.

Why have these once soaring altcoins plunged so hard and is there more downside ahead?

Yearn-Ing For The DeFi Trend To Continue After 20% Pullback

For a while there, it seemed like nothing could put a damper on the flaming hot DeFi trend. Coin after coin exploded in value as interest poured into each new DeFi project.

Some of the most successful highlights of the DeFi space in recent weeks, are Yearn.Finance (YFI), Aave (LEND), and Uniswap (UNI).

Related Reading | Yearn.Finance (YFI) Flies 15% Percent From Local Price Floor, Fractal Targets $60K+

LEND has had some of the strongest year over year performance out of any cryptocurrency, while YFI is now far more expensive than Bitcoin itself.

UNI is the newest of the bunch, but that hasn’t stopped it from first debuting as the crypto version of the stimulus check at $3 per token, then in just days more than doubled in value to a high of over $7. Now, it’s at under $5 after a more than 20% collapse across just about all DeFi tokens.

But what did these altcoins crash much harder than Bitcoin and Ethereum, and other top cryptos?

yfi lend aave yearn finance uni uniswap

LENDUSD Versus UNIUSDT Versus YFIUSD Chart Comparison | Source: TradingView

Why Have YFI, LEND, and UNI Fallen So Hard Compared To Bitcoin and Ethereum?

The crypto market – and even the greater financial market – is a sea of red today after the dollar index bounced hard. The DXY recovering has hit Bitcoin and other top crypto assets hard, even stocks, metals, and more.

The dollar’s recovery is likely investors derisking into a safe haven asset with stability to avoid any election-related volatility.

Related Reading | Is Uniswap’s UNI The Crypto Version of a Stimulus Check at $3 Per Token?

If investors are derisking en masse and following the advice of top industry analysts, then it isn’t a surprise to see some of the newest, shiniest, and most recently hyped tokens take the brunt of the beating.

These assets are sitting in the fattest profits, just waiting to be taken from paper gains into real ROI. And the reason for Bitcoin and Ethereum holding up better is because some crypto investors prefer to move back into those top cryptos versus taking their capital out of the market and back into cash.

And with many DeFi token investors still in sizable profit, it could only just be the start of a deeper correction.

Featured image from DepositPhotos, Charts from TradingView
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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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

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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