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Friday, March 5, 2021

With The Price Of Bitcoin Below $33K, DeFi Bags Gains In Double Digits

Quite a lot of tokens from DeFi found themselves with stronger rallies, even though most of the bears have insisted on pinning the price of Bitcoin below $33,000. Currently, the price of Bitcoin has continued to meet the pressure of selling in the zone between $32,500, and a $33,000 resistance cluster. This has also led to a pullback of about 3% to 5% pullback in quite a few coins. Interestingly, reports have surfaced which claim that the world’s biggest manager of assets, BlackRock- has been given the green light in order to secure funds that would lead to its investment in the futures of Bitcoin. Despite this, the price of Bitcoin has failed to reach the desired momentum to leapfrog above the $33,000 level. 

On the other hand, the DeFi branch has not stopped its great run, with Fantom, and Venus seeing an increase in the prices by about 23% overnight. The value locked under the protocols of this altcoin currently has a range of $25.77 billion. After Janet Yellen was confirmed as the Treasury Secretary of the United States, the cryptocurrency monitoring rule has come back into place-leading to several worries among the cryptocurrency markets. Currently, the public has been notified of a window of 60 days- where they can comment on the requirement of the self-hosted wallet. 

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Interestingly, the concept of selling hasn’t been marginalized just for Bitcoin with several other financial markets throughout the world feeling the brunt of it. This comes days after the Biden administration confirms that stimulus package that will be sent to every household in America. 

DeFi tokens take the lead

The coins related to DeFi have already struggled to go higher, despite the momentum shifting from Bitcoin and Ethereum. The surge seen in the trading volume of Uniswap has helped lift the government token price to a high of $13.67. Terra- another project that deals with stablecoin have seen the price skyrocket more than 37%, while currently trading at $1.22. 

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