Crypto Weekly: Hyip About DeFi; Preparing For The Bitcoin Growth
In the last week, the Bitcoin price remained practically unchanged and remained at around $11,900. Trading volumes also haven’t changed much, and currently, the amount is around $20 billion. These are the rather low rates that we have been observing for several months.
The main news this week was about the DeFi segment. So, on August 15, the amount of funds blocked in these protocols exceeded $6 billion. And literally on another day, this value increased by $270 million. It is becoming abundantly clear that DeFi continues to gain traction.
At the beginning of the last week, the loudest project was YAM Finance. The creators crafted this project in just 10 days and set an initial price of $1 per coin. However, the community believed in this project so much, that the volume of blocked funds in it reached half a billion and the price of the token rose to $169.
The story about YAM Finance did not end there. 2 days after the launch, a critical error was found in the smart contract, which allowed farming an unlimited number of YAM tokens. Immediately after that, the price dropped to $0 and the creators decided to close the project. However, they have promised a YAM 2.0 re-launch with updated technology features.
Another notable development at DeFi was the Aave project. It came in second in terms of collateral, surpassing such giants as Compound and Curve. This demand arose after the release of a new update, in which the team introduced “native unsecured loans,” delegated lending and debt tokenization. This is a completely new solution in the crypto market.
Another notable development was the rise of Chainlink. Over the week, the LINK token price has increased by 42%, reaching $20 per coin. This allowed the project to enter the Top 5 largest cryptocurrencies in terms of capitalization. LINK’s strong growth since the beginning of the year is due to the increased demand for their product (Oracles) from projects from the DeFi segment.
Of the rest, only the Internet shutdown in Belarus can be noted, which disrupted the work of many crypto projects in this country.
Bitcoin
Globally, nothing has changed yet. At the beginning of last week, we saw the slight decline to $11,100 that we warned about. However, this move still fits perfectly into the ascending triangle that we see on the chart. This week, we will most likely see a breakdown of the upward triangle, with a consolidation above $12,000. The nearest targets could be $13,000 and $14,000.
Ethereum
Last week, ETH broke through and consolidated above the $400 level. The last time we saw such prices was in August of 2018. So far, a little consolidation is needed at these levels. After which, the price may head towards $500.
Our recommendations
TRX / BTC closed the second target at 0.00000230 BTC (+ 31%). Here, we sold another third of our position. Move the stop-loss to the level of 0.00000196 BTC. Now we are waiting for our third target to be worked out at 0.00000250 BTC.
BTT / USD has broken through the resistance line in the ascending triangle, and is now trading at $0.0005162. Move the stop-loss to breakeven at the level of $0.0004400.
