DeFi Tokens Most Affected By The Hard Drop!
The decline of Bitcoin (BTC) from $ 12,000 to $ 10,000 mostly affected DeFi tokens. Popular tokens such as Chainlink (LINK), Aave (LEND), yearn.finance (YFI), Compound (COMP) and more are experiencing double digit losses.
However, crypto exchanges such as Binance and Poloniex continue to list DeFi assets that demonstrate confidence in the industry. Bitcoin’s recent decline from the $ 12,000 level to the $ 9,900 price range causes all cryptocurrency markets to suffer a great deal. A brief look at Coinmarketcap reveals that Ethereum is once again below the critical $ 365 support area and is trading at $ 341 at the time of writing. Additionally, XRP lost 3rd place to Tether (USDT) once again.
DeFi Tokens Hurt Big
Along with major cryptocurrencies, DeFi tokens also appear to be heavily affected by the ongoing crypto market sale. Starting with ChainLink (LINK), the digital asset lost its $ 12 support zone, defined as a possible bounce area next to the 50-day moving average.
Popular DeFi coin Yearn Finance (YFI) has dropped 26% in the past 24 hours. YFI was trading at $ 19,427 at the time of writing. It should not be forgotten that its current value is about 50% lower than its all-time high of $ 39,300. Other DeFi tokens that exhibit double-digit losses include Synthetix (SNX), SushiSwap (SUSHI) and Just (JUST).
Below is a screenshot highlighting the large losses experienced by DeFi tokens.
Crypto Exchanges Continue To List DeFi Tokens
However, despite the sales in the crypto market, popular exchanges like Binance and Poloniex are constantly listing DeFi tokens.
Regarding Binance, the exchange has listed the following DeFi tokens since July: Yearn Finance (YFI), Wrapped BTC (WBTC), Balancer (BAL), Curve Finance (CRV), Sushi (SUSHI), DFI.Money (YFII) ), Tellor (TRB), Dia (DIA), Rune (RUNE) and more.
Poloniex followed a similar path by listing multiple DeFi tokens such as Pearl Finance (PEARL), AlphaLink (ANK), JackPool.finance (JFI), Carrot Finance (CRT), Salmon (SAL), Corn (CORN), tBridge Token.
The constant listing of DeFi tokens by Binance and Poloniex is proof that the industry is just getting started. Market losses may only be temporary, but DeFi tokens may take time to recover.