Cryptocurrency Market News: Yearn.finace dwarfing Bitcoin price as DeFi booms

Here is what you need to know on Monday, August 31, 2020.

Market:

Bitcoin price has not been able to clear several resistance zones but it is still a long way to go before hitting $12,000. The weekend action was not able to rise above the resistance at $11,800. The selling activities that followed overwhelmed the bulls resulting in a slide under $11,700. At the moment, Bitcoin is trading at $11,671 amid a building bearish pressure. As discussed earlier, holding above $11,600 is key to the next attempt to clear the resistance at $12,000.

Ethereum, on the other hand, soared to $430 over the weekend. Although the resistance at $430 is still intact, ETH bulls have proved that they have what it takes to hit new 2020 highs. For now, the price is holding above $420. The trend is bearish but with the volatility at the lowest level price movements are likely to remain limited.

Ripple as discussed, has been consistent in recovery from the support at $0.26. However, the hurdle at $0.29 is still in the way. XRP is trading at $0.2831 while facing a short term resistance at $0.2848 (intraday high).

Yearn.finance is the cryptocurrency of the month. Besides, rallying to a new all-time at $38,983, the token, YFI is now the most expensive in the crypto market, dwarfing Bitcoin’s $11,663.

The rest of the cryptocurrency market has started to correct upwards following a drab weekend action. Some of the most improved in the last 24 hours include UMA (51%), Ampleforth (20.64%), Aragon (12.95%), Flexacoin (25.92), Zilliqa (13.44%) and Reserve Rights (22.20%).

Chart Of The Day: YFI/USD 4-hour chart

Market:

According to recent report, Japan-based crypto traders are vacating reducing their positions in other cryptocurrencies to concentrate only on Bitcoin. Data from the Japan and Crypto Assets Exchange Association (JVCEA) shows that BTC dominance is at 87%. Moreover, no token has been able to achieve a 6% dominance of the total monthly volume. Yuya Hasegawa, a market analyst at bitbank “reckons that Japanese investors” overall interest in altcoins has been shrinking over time relative to their interests in Bitcoin.” He adds that:

Given the growth in the number of active accounts, the vast majority of the newer market participants in Japan, particularly since last summer, are likely to be interested only in Bitcoin.

Industry:

Bittrue and OKEx have plans to launch hybrid services that will bring forth decentralized finance market into the mainstream centralized ecosystem. Note that, the two made the announcements separately but around the same time.

As for OKEx, the platform is launching a hybrid aggregator that seeks to support DeFi lending. The aggregator will initially support Compound (COMP). OKEx’s plan is to “redefine crypto lending experience.”

Bitrue hybrid lending service is expected to debut in the first quarter of 2021. The exchange also plans to launch a new DeFi token referred to as Bitrue Finance Token (BFT). Lenders will have the opportunity to add tokens for liquidity purposes as soon as mid-September. According to Bitrue:

By providing both CeFi and DeFi products at the same time, we will be able to satisfy the needs of different types of users. Regardless of your preferred time horizon, the yield you want to receive, how long you're prepared to lock up your coins for, and how much you want to invest, there will be an opportunity for you to invest in a way that you're most comfortable with.