Market Wrap: Bitcoin Pushes to $11,450, DeFi Value Locked Now at $4B

Bitcoin and ether continue to make gains Friday and stakeholders are increasingly investing their crypto into DeFi.

  • Bitcoin (BTC) trading around $11,333 as of 20:00 UTC (4 p.m. ET). Gaining 2% over the previous 24 hours.
  • Bitcoin’s 24-hour range: $10,974-$11,460
  • BTC above 10-day and 50-day moving averages, a bullish signal for market technicians.

btcjul31
Bitcoin trading on Coinbase since July 28.
Source: TradingView

Bitcoin’s price pushed as high as $11,460 on increased buying volume Friday, continuing its bullish run to cap a week of economic uncertainty. 

Read More: Bitcoin on Track for Highest July Price Gain in 8 Years

Coinbase 2

“The U.S. Q2 GDP results were rough and traditional markets are seeing a bit of risk off – a sharp move lower in yields and weakness in stocks,” Dan Koehler, liquidity manager for cryptocurrency exchange OKCoin, told CoinDesk. “It’s a crucial time for bitcoin, in my view.”

Indeed, stocks are taking a beating Friday, with major global indexes down or flat.

btcvsstovcks
Bitcoin (gold), S&P 500 (blue), FTSE 100 (green) and Nikkei 225 (red) in July.
Source: TradingView

Bitcoin beat major equity indexes for July, up over 20% for the month. “It will be interesting to see how bitcoin behaves in a risk-off environment this time around, having broken and thus far held above $10,400,” added OKCoin’s Koehler.

Read More: Banks in US Can Now Offer Crypto Custody Services, Regulator Says

Michael Rabkin, head of institutional sales at crypto trading firm DV Chain, said a positive news cycle on the crypto front is helping the market. “We’ve been seeing more buying over the last few days, specifically since the past week’s announcement which would allow banks to hold custody,” he said. 

“There’s definitely a more bullish sentiment since that announcement came out and as we’ve seen, has resulted in upward momentum,” Rabkin added

Mostafa Al-Mashita of Global Digital Assets, a digital assets-focused merchant bank, said alternative cryptocurrencies, or altcoins, is where he expects traders to take profits near-term. “The market is consolidating as altcoins catch up to the recent bitcoin pump,” he said. “I would expect altcoins to lead for a few days before bitcoin rising again.”

Read More: Coinbase Considering 19 Additional Cryptos for Exchange Listing

DeFi locked at $4B

Ether (ETH), the second-largest cryptocurrency by market capitalization, was up Friday, trading around $344 and climbing 3.1% in 24 hours as of 20:00 UTC (4:00 p.m. ET). 

Since June 1, the total value locked in Ethereum-powered decentralized finance, or DeFi, has risen 300% from $1 billion to $4 billion, according to data aggregator DeFi Pulse.

tvljul31
Total locked in DeFi the past three months.
Source: DeFi Pulse

In just two months, total bitcoin locked in DeFi more than quadrupled from 4,975 to 20,610 BTC. Total ether locked in DeFi has grown 60%, from 2.6 million to 4.2 million ETH. Stablecoin dai locked is up 19%, from 365 million to 435 million. 

Read More: Aave’s LEND Token Jumps 23% on Plan for Liquidity Mining

Azamat Malaev, co-founder of HodlTree, a new DeFi protocol for interest-yielding tokens, said the catalyst for this growth was investors locking crypto with a particular big DeFi lender to achieve “yield” or profit. ”It started with the launch of the Compound token distribution on June 15,” he said. “And, of course, with a time delay information began to spread.” 

Other markets

Digital assets on the CoinDesk 20 are mostly higher Friday. Notable winners as of 20:00 UTC (4:00 p.m. ET): 

Notable losers as of 20:00 UTC (4:00 p.m. ET):

Read More: Chainlink’s Soaring Token Shows Lucrative ‘Oracle’ Role 

Commodities: 

  • Gold is up 0.90% and at $1,973 as of press time.
  • Oil is flat, in the green 0.12%. Price per barrel of West Texas Intermediate crude: $40.37

Read More: Dollar Falls to Lowest Level in 2 Years While Gold, Silver, Bitcoin Shine

Treasurys:

  • U.S. Treasury bonds all slipped Friday. Yields, which move in the opposite direction as price, were dow most on the two-year, in the red 12%.

Read More: Ripple Paid MoneyGram $15.1M in ‘Market Development Fees’ in Q2

coindesk20_endofarticle_banner_1500x600
Disclosure

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Market Wrap: Bitcoin Pushes to $11,450, DeFi Value Locked Now at $4B 1
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 33,867.00
ethereum
Ethereum (ETH) $ 2,162.01
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 302.94
cardano
Cardano (ADA) $ 1.21
xrp
XRP (XRP) $ 0.609035
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.195029
polkadot
Polkadot (DOT) $ 13.57
binance-usd
Binance USD (BUSD) $ 0.999557
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 33,867.00
ethereumEthereum (ETH)
$ 2,162.01
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 457.40
litecoinLitecoin (LTC)
$ 125.61
bitcoinBitcoin (BTC)
28.688,23
ethereumEthereum (ETH)
1.831,41
tetherTether (USDT)
0,847085
bitcoin-cashBitcoin Cash (BCH)
387,46
litecoinLitecoin (LTC)
106,40
bitcoinBitcoin (BTC)
24,602.17
ethereumEthereum (ETH)
1,570.56
tetherTether (USDT)
0.726435
bitcoin-cashBitcoin Cash (BCH)
332.27
litecoinLitecoin (LTC)
91.25

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020
KuCoin hackers steal $150 million
KuCoin Exchange Hacked But Insurance Will Cover The Stolen $150M
September 29, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin33,826 0.15 % 3.78 % 7.73 %
Ethereum2,156.1 0.22 % 3.78 % 15.04 %
Tether1.000 0.12 % 0.18 % 0.14 %
Binance Coin302.79 0.47 % 4.08 % 0.13 %
Cardano1.210 0.27 % 2.19 % 3.35 %
XRP0.6071 0.37 % 1.54 % 2.66 %
USD Coin0.9997 0.22 % 0.21 % 0.09 %
Dogecoin0.1949 0.04 % 1.09 % 11.48 %
Polkadot13.57 0.92 % 4.82 % 12.93 %
Binance USD0.9993 0.25 % 0.46 % 0.53 %

bitcoin
Bitcoin (BTC) $ 34,177.00
ethereum
Ethereum (ETH) $ 2,133.86
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 297.46
cardano
Cardano (ADA) $ 1.21
xrp
XRP (XRP) $ 0.596037
usd-coin
USD Coin (USDC) $ 0.999851
dogecoin
Dogecoin (DOGE) $ 0.195630
polkadot
Polkadot (DOT) $ 13.27
binance-usd
Binance USD (BUSD) $ 0.999066