Bitcoin and Ether continue to make a profit on Friday, and stakeholders are increasingly investing their cryptocurrency in DeFi.
- Bitcoin (BTC) traded around $ 11,333 as of 20:00 UTC (16:00 ET). Gains 2% in the previous 24 hours.
- Round-the-clock Bitcoin range: $ 10,974 – $ 11,460
- BTC above 10-day and 50-day moving averages is a bullish signal for market technicians.
The price of bitcoin pushed up to $ 11,460 as Friday’s purchase increased, continuing its bullish cycle to reduce the week of economic uncertainty.
Read more: Bitcoin on the track for the highest increase in July in 8 years
“US GDP results in the second quarter were rough, and traditional markets are at some risk – a sharp decline in yields and weak stocks,” said Dan Koehler, liquidity manager for cryptocurrency exchange OKCoin, said CoinDesk. “In my opinion, this is an important time for bitcoin.”
Indeed, stocks take the battle on Friday, and key global indicators are declining or declining.
Bitcoin beat the major equity indices for July, exceeding 20% for the month. “It will be interesting to see how bitcoin behaves at risk at this time, breaking down and thus staying above $ 10,400,” Kochler added to OKCoin.
Read more: Banks in the United States can now offer cryptocurrency services, says the regulator
Michael Rabkin, head of sales at the cryptocurrency market DV Chain, said that a positive cycle of news on the cryptofront helps the market. “We have seen more purchases in the last few days, particularly since the announcement last week that would allow banks to remain in custody,” he said.
“Of course, there has been more bullish sentiment since this ad came out, and as we have seen, it has led to an increase in pace,” Rabkin added.
Mostafa Al-Mashita of Global Digital Assets, a digital asset-focused trading bank, said alternative cryptocurrencies or altcoins are where he expects traders to make a profit in the near future. “The market is consolidating as altcoins catch up with the recent bitcoin flow,” he said. “I would expect altcoins to take the lead for a few days before bitcoin rises again.”
Read more: Coinbase, which includes 19 additional cryptocurrencies for exchange listing
DeFi is locked at $ 4B
Ether (ETH), the second largest cryptocurrency by market capitalization, rose on Friday, trading at about $ 344 and rising 3.1% in 24 hours as of 20:00 UTC (16:00 ET).
From June 1, the total value recorded in decentralized finance running Ethereum, or DeFi, has increased by 300% from $ 1 billion to $ 4 billion, according to data aggregator DeFi Pulse.
In just two months, the total amount of bitcoin was blocked in DeFi more than four times – from 4975 to 20 610 BTC. The total broadcast blocked in DeFi increased by 60%, from 2.6 million to 4.2 million ETH. Blocked give Stablecoin increased by 19%, from 365 to 435 million.
Read more: The LEND Aave token jumped 23% on the liquidity extraction plan
Azamat Malayev, co-founder of HodlTree, the new DeFi protocol for interest income, said the catalyst for that growth was investors blocking the cryptocurrency with a certain large DeFi lender to achieve “income” or profit. “It started with the launch of Compound tokens on June 15,” he said. “And, of course, with the delay of time, information began to spread.”
Digital assets on CoinDesk 20 are mostly higher on Friday. Notable winners as of 20:00 UTC (16:00 ET):
Notable losses as of 20:00 UTC (16:00 ET):
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- Gold rose by 0.90% and $ 1.973 at the time of printing.
- The oil is smooth, in green 0.12%. Price per barrel of West Texas intermediate oil: $ 40.37
Read more: The dollar falls to its lowest level in 2 years, while gold, silver, bitcoin shine
- U.S. Treasury bonds all failed on Friday. Yield, which moves in the opposite direction as the price, decreased the most in two years, red – 12%.
Read more: Ripple paid MoneyGram $ 15.1 million to the Market Development Commission in the second quarter
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