Share this article
DeFi blue chips, Polkadot (
$6.33 ) tokens, and dog coins have all reacted to the recent Bitcoin (
$104,641.00 ) dip, falling as much as 11% over the last 24 hours.
Bitcoin ( $104,641.00 ) Causes DeFi Pullback
When it rains for Bitcoin ( $104,641.00 ) , it pours for everything else.
The world’s largest cryptocurrency fell in price for the fourth day running, registering a 5% loss in the last 24 hours. When Bitcoin ( $104,641.00 ) loses its bullish momentum, it usually hits other cryptocurrencies hard, with this time being no exception. Several DeFi “blue chips” such as Aave, Uniswap (
$7.61 ) , and Compound have seen their tokens drop more than 11% in reaction to the Bitcoin ( $104,641.00 ) dip.
UNI/USD chart. Source: CoinGecko.
Polkadot ( $6.33 ) and its testnet Kusama have not fared any better, despite growing attention on the second round of parachain slot auctions. Both coins are currently down around 10% since yesterday.
Another subcategory of cryptocurrencies to react harshly to Bitcoin ( $104,641.00 ) ’s downturn is dog coins. Dogecoin (
$0.355 ) and Shiba Inu already have a reputation for being highly volatile, seeing multiple double-digit swings earlier in the year. Currently, both coins have shaved off over 10% this morning.
However, some coins have shown strength against Bitcoin ( $104,641.00 ) ’s downward price action. Solana, which recently soared to a new all-time high following its 70% rally, has only pulled back 5% and looks to be recovering quickly. Another token to weather the storm better than its peers is the DeFi platform Sushi. The SUSHI token has only dropped 6%, despite the discovery of a vulnerability in the protocol’s MISO platform yesterday afternoon. The exploit, which had the potential to drain $350 million worth of Ethereum (
$3,326.23 ) , was discovered by @samzcsun of Paradigm. Although the bug was safely patched, the close call shook the DeFi world.
Disclaimer: At the time of writing this feature, the author owned BTC and ETH, and SUSHI.
This news was brought to you by ANKR, our preferred DeFi Partner.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
It’s Make or Break Time for Bitcoin ( $104,641.00 )
Bitcoin ( $104,641.00 ) could soon define the direction of its trend as the $46,200 support level needs to hold for prices to rebound or break for a steep correction. Bitcoin ( $104,641.00 ) at the…
How to Trade Using the Inverse Head and Shoulders Pattern
In stock or cryptocurrency trading, you may have heard of the term “inverse head and shoulders.” Also known as the “head and shoulders bottom” formation, the inverse head and shoulders chart pattern can…
Solana Back To All-Time Highs as NFT Mania Takes Hold
Solana is the first of the major cryptocurrencies to recover its all-time high price since the May crash. The price of SOL reached $67 following the launch of the NFT…
$350 Million SushiSwap Vulnerability Safely Patched
A SushiSwap bug that put over $350 million of Ethereum ( $3,326.23 ) at risk has been safely patched, according to security researcher samzcsun. Vulnerability Could Have Drained Contracts The security flaw concerns…
$3.12 ) , Solana futures contracts
