An overview of what is happening in the crypto markets, summarised daily by Crypto Finance AG Senior Trader Patrick Heusser in the market commentary.
Yesterday’s breaking news was definitively the story about YAM. To a certain extent, its impact caused some short-term pressure on Bitcoin (BTC) and Ethereum (ETH).
BTC dropped to 11,275 and ETH dropped to 377, but both recovered pretty well and very quickly. The DeFi Index also felt the pressure, and dropped from approx. 2,740 towards 2,360 (minus 14%), eventually recovering in the same market pull at 2,590.
During the evening, the market saw a bullrun in BTC towards 11,800, and ETH broke the important 400 resistance level, reaching a high at approx. 431. Eventually, it ended up at an unbelievable 425.
Regarding YAM: not very many people knew about YAM Finance a couple of days ago. At the start, the project launched without an audit and practically without any value. However, in less than 24 hours, more than $400m were deposited in YAM’s smart contract in order to get double digit weekly returns. The price jumped to almost $160 and then collapsed to $0.90 after they announced an error in their protocol when their rebasing cycle took place. The good news is that the deposited funds are not lost yet. We will be keeping close watch on YAM Finance to see how its future unfolds.
Other coins also noted remarkable performances over the last 24 hours, e.g. ALGO +24%, LAMB +29%, and Waves +40%. Many eyes are on Curve Finance (a decentralised exchange for stablecoins) and their market listing.
Have a great trading day!