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

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


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). 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

YFI/USD price chart


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.



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.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News

Latest Crypto News & Analysis

Editors’ Picks

Experts say Ripple will win SEC lawsuit, which might propel XRP to new all-time highs

Since XRPArmy and lawyers in the crypto ecosystem consider the US Securities & and Exchange Commission’s (SEC) move to pull documents out of public view as evidence that the case is coming to a close, a Ripple win appears more likely.

More Ripple news

Bitcoin Weekly Forecast: BTC must hold $45K to target new all-time highs

Bitcoin price is on a rollercoaster ride as it crashed violently on September 7, consolidated for a few days after that and went on an uptrend to undo the losses. Over the past 24 hours, however, BTC seems to be consolidating for a volatile move without a clear directional bias.

More Bitcoin News

Chiliz price to retrace before CHZ runs up

Chiliz price is stuck in a tight consolidation above a crucial support floor and shows no signs of recovering from this slump. In fact, CHZ might retrace lower before heading on an uptrend.

More Chiliz News

ICX Price Prediction: ICON prepares for 20% descent as bulls fade away

ICON price looks ready for a swift downswing after an explosive run over the past ten days. The crypto markets’ slowdown after the recent run-up makes this bearish scenario a perfect fit. Going forward, investors can expect ICX to head lower and retest stable support barriers.

More Cryptocurrencies News


Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast