Cryptocurrencies Price Prediction: Yearn, Genesis & Bitcoin – European Wrap 29 August

Yearn Finance price bleeds as 95% of the YFI community opposes latest proposal

Wintermute, a crypto market maker, requested Yearn Finance community members for a loan of 350 YFI tokens, worth approximately $1.98 million from the DAO treasury. The market maker intends to use the loan to purchase yCRV tokens and deploy them in the yCRV-CRV liquidity pool.

The crypto market maker is keen on generating extra yield. For the same, Wintermute proposed that the Yearn Finance DAO offer the market maker a 12-month loan of 350 YFI tokens, at an interest of 0.1%.

Genesis creditors closer to recovering $630 million in funds lost to bankrupt lender

Genesis Global has reached an agreement with its parent company, the Digital Currency Group, on a plan to pay back $630 million in unsecured loans for potential claims. The agreement is beneficial to the bankrupt lender’s creditors as it could result in a 70% to 90% recovery of USD claims. 

The court filing in the US bankruptcy court in the Southern District of New York shows details of the agreement between the two entities.

Constricted Bitcoin corridor signals a volatility boom

The crypto market continues to trade in a 0.3% range around the $1.05 trillion capitalisation level. Despite some improvement in risk sentiment, sellers got the upper hand on the approach of the 1.06 trillion level.

The narrow range has also become a hallmark of Bitcoin, which has been walking on a short leash of around $26K for the past eleven days. Such a lull usually ends with a boom in volatility, which is what we should expect this week.