DeFi Metrics | 11.16.2021

BlockchainIST Center

Published in

BCISTCenter

3 min readNov 16, 2021

Social Media: LinkTree

DeFi has risen by ~25x from 0.10% to 2.5% of the U.S. Financial Sector in a little under two years.

Further Reading: GrayScale DeFi Report

Latest Headlines

US President Biden signed the $1 trillion infrastructure bill.
The Bitcoin (BTC) Taproot upgrade, which aims to improve the network’s privacy, efficiency and smart contracts capability is now active.
Paradigm has launched a $2.5 billion venture fund to invest in the next generation of crypto companies and protocols.
The Central Bank of Nigeria announced that the digital wallet for its digital currency, the eNaira, has been downloaded 488,000 times in 160 countries.
The island nation of Barbados to become first sovereign nation with an embassy in the metaverse.

Technical Analysis

BITCOIN [BTC] — 60,687.22 USD

The price of Bitcoin, which lost value by about 4.80 percent in the morning hours, is at $ 60,661. After months of scrutiny by both the United States Senate and the House of Representatives, the infrastructure bill, criticized by many cryptocurrency advocates, has now officially become the law of the country. However, it is seen that there is a sharp pullback movement across the entire market.

When we examine the BTC/USDT parity technically, Bitcoin continues its price movement within the rising channel that existed as of July 20, broke the $ 63,100 level and corresponds to the middle band of the channel this morning. There is no recovery in daily and short-term metrics. If the pullbacks deepen, the $58,000 level should be followed for new purchases. It can be said that the correction is over if the persistence is provided in the daily period above the $61,645 level, which coincides with the Fibo’78.60 slice.

Resistance Levels: 65.004 / 68.655 / 70.962
Support Levels: 59.046 / 56.739 / 53.088

ETHEREUM [ETH] — 4,315.92 USD

The price of Ethereum, which lost about 6.25 percent in the morning hours, is at $ 4278. The number of Grayscale Bitcoin Trust shares held by large institutions decreased by 2.6% in the third quarter, while the number of Grayscale Ethereum Trust shares increased by 19% compared to the previous quarter.

When we examine the ETH/USDT parity technically, the price of ETH which was above the rising trend that has existed since the beginning of October, was broken down from the $4600 level yesterday and the day ended here. With the selling reaction this morning, the pullback movement deepened. If the correction continues for ETH, the $4000 levels, which coincide with the 50-day moving average and also the important support zone on the horizontal, should be followed.