BTC futures premiums nearly wiped out as market optimism takes a huge hit
BTC and ETH Rebound After YAM Collapse — Crypto Market Daily
The price of Bitcoin (BTC) rebounded quickly last night, recovering from a decline correlated to the crash of decentralized finance protocol Yam Finance. A triangle consolidation pattern then appeared near $11,500 in the short-term time frame. After Ether (ETH) broke through its recent resistance level, BTC started to rally — illustrating how the market leader has gradually resumed its strong correlation with the first and foremost altcoin.
The developers of YAM have now effectively lost control of its on-chain governance function and investors have suffered huge losses due to a code error that locked up $750,000 worth of Curve (CRV) tokens. The price of YAM had crashed to as low as $0.10 yesterday and is now back to $0.80 — a clear example of what can happen when a DeFi project doesn't have proper code audits.
Major altcoins mostly outperformed BTC. The ETH price surged 8.76% while Litecoin (LTC), Bitcoin Cash (BCH) and EOS each increased by about 4%. TRON (TRX) pumped 18% today due to the upcoming launch of a Uniswap alternative, JUSTswap.
Chainlink (LINK), on the other hand, is down 1.68% over the past 24 hours. LINK has finished two consecutive strong-performing days and the price has been pushed up from $13 to above $17.
The best performer among mid-capitalization altcoins is Algorand (ALGO), which is up 30%. After a three-day rally, ALGO has risen from nearly $0.40 to its current $0.70. It is trading at overbought levels, according to the RSI indicator on the daily time frame.
Top altcoin gainers and losers
- RNT/USDT +74.09%
- ALGO/USDT +30.05%
- WAVES/USDT +22.76%
- DMG/USDT -18.29%
- XPR/USDT -24.88%
- CRV/USDT -68.98%
New listings of two decentralized finance projects
One of the most famous decentralized finance projects, Curve (CRV), has been listed on OKEx today — its initial global listing. However, CRV lost nearly 70% in five hours. Due to the overly hot bidding climate and the limited quantity at the moment, CRV was flipped to $50 as soon as it went live. The price has since fallen.
According to Twitter, a user named "0xc4ad" spent 20 ETH to deploy CRV contracts in advance — before Curve’s official release. "0xc4ad" had already mined 250,000 CRV tokens from the contract address.
Serum (SRM) is another decentralized finance project that went live on OKEx today. It is the world's first completely decentralized derivatives exchange with trustless cross-chain trading. Market participants can also join in the SRM net buy contest. The opening price of SRM was $2.00 and is trading at $2.06.
BTC technical analysis.
BTC's rebound that began last night showed shrinking volume — indicating that the current active follow-up funds are not really strong. Strong resistance on the bounce is located around $11,800. An intraday support level sits at $11,500.
ETH technical analysis
ETH broke through strong resistance yesterday and made a new short-term high, thanks to strong demand from stemming from DeFi. $410 is a still critical level to watch, where it flipped previous resistance into support.
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