Market wrap: Bitcoin pushes to $ 11,450, DeFi value is now locked at $ 4B

Bitcoin and Ether made a profit on Friday and stakeholders are increasingly investing their cryptocurrency in Defy.

  • Bitcoin (BTC) trades around $ 11,333 as of 20:00 UTC (4 pm ET). 2% received in last 24 hours.
  • Bitcoin’s 24-Hour Range: $ 10,974- $ 11,460
  • BTC above the 10-day and 50-day moving averages, a strong signal for market technicians.

Bitcoin trading on Coinbase from 28 July.
Source: TradingView

The price of bitcoin rose to $ 11,460 on Friday, continuing its run during a week of economic uncertainty.

Read more: Bitcoin on track for highest July price gain in 8 years

CoinDesk reported, “US Q2 GDP results were broadly in line and there is a bit of risk going on in the traditional market. Yield reduction and stock weakness.” “This is, in my view, an important time for bitcoin.”

In fact, shares are gaining momentum on Friday due to the decline or flatness in the major global indices.

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

Bitcoin beat the major equity index for July, up over 20% for the month. “It will be interesting to see how bitcoin behaves in a risk-free environment at the moment, breaking down and thus being held above $ 10,400,” said Kohler of OKCO.

Read more: Banks in the US now call crypto custody services, regulator

Michael Rabkin, head of institutional sales at crypto trading firm DV Chan, said a positive news cycle on the crypto front is helping the market. “We are seeing more purchases from the last few days, especially since the announcement last week that would allow banks to be detained,” he said.

“Certainly there has been a more rapid perception since that announcement and as we have seen, there has been upward momentum,” said Rabin

Mustafa Al-Mashita of Global Digital Assets, a digital asset-focused merchant bank, said there is alternative cryptocurrency, or altcoins, where he expects traders to take a near-term profit. “The market is consolidating as altcoins hold for recent bitcoin pumps,” he said. “I expect bitcoins to lead altcoins for a few days before rising again.”

Read more: Considering Coinbase 19 additional cryptos for exchange listings

DeFi closed at $ 4B

The second-largest cryptocurrency ether (ETH) by market capitalization traded at around $ 344 on Friday and climbed 3.1% in 24 hours as of 20:00 UTC (4:00 pm ET).

According to data aggregator Daffy Pulse, since June 1, Ethereum-driven decentralized finance, or the total value closed in Daffy, has increased 300% to $ 4 billion from $ 1 billion.

Total lock in DIFA in last three months.
Source: Dfi pulse

In just two months, the total bitcoin closed in DIFA more than quadrupled from 4,975 to 20,610 BTC. The total ether closed at Daffy is down 60%, from 2.6 million to 4.2 million ETH. Stablecoin dai lock is up 19%, from 365 million to 435 million.

Read more: AVE’s LEND Token Jump on liquidity mining plan is 23%

Azmat Malav, co-founder of Hodltree, a new DFI protocol for interest-paying tokens, said that the catalyst for this increase is a special DFI lender with a crypto locking to investors who “or profit” to get this yield. “It started on June 15 with the launch of compound token distribution,” he said. “And, of course, with a time delay the information started spreading.”

Other markets

Digital assets on CoinDesk 20 are mostly on Fridays. Notable winners as of 20:00 UTC (4:00 pm ET):

Notable losers as of 20:00 UTC (4:00 pm ET):

Read more: Chanlink’s Soring Token depicts the role of the lucrative ‘Oracle’

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

Read more: Dollar falls to the lowest level in 2 years while Gold, Silver, Bitcoin Shine

  • US Treasury bonds slipped all Friday. The yield, which moves in the opposite direction as the price, was the highest red 12% in two years.

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


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