Yearn.finance (YFI) is erupting higher as Bitcoin pushes to new year-to-date highs. The » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is up 20% in the past 24 hours alone, rocketing from under $20,000 to daily highs closer to $25,000.
As of this article’s writing, YFI trades for $23,700, as it faced a bit of a correction after peaking at the local highs.
Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom
Yearn.finance Erupts Higher Amid DeFi Bull Run
What was impressive about this rally is that took place over the span of a few hours. At the turn of the day, YFI rocketed $4,000 higher within an hour, liquidating countless short position holders on margin exchanges such as Binance.
This came after a $1,000-1,500 rally that took place in an hour just hours before this latest leg higher.
YFI’s price action has been extremely volatile over recent weeks as a result of coordinated buying and the extremely high futures volume seen with the Yearn.finance » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin.
Trader “Hsaka” suggested that it appears that there are many traders in this market that are severely underexposed to YFI, AAVE, and other tokens in the space:
“Lot of chatter about an alts carnage. Alts have shat the bed harder on $150 $BTC sneezes. Think it’s mostly a narrative desperately trying to be shoehorned in from those sidelined/underexposed. My pocket rockets, $YFI and $AAVE are up 3x & 2x since Initial Shill Offering.”
Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin
What’s Driving the YFI Rally?
Driving the YFI rally are fundamental developments, namely a growing amount of total locked value in Yearn’s yVaults and an increase in the yields offered by these products.
Due to a rally in the DeFi market, yields in the space have begun to increase as farming tokens like CRV rally and as there is more borrowing activity from larger players.
Yearn.finance’s yields have been rallying as a result, driving more cash flows to YFI holders.
Continued fundamental strength in all of DeFi should end up having a positive effect on YFI in particular. The » Read more
” href=”https://www.newsbtc.com/dictionary/coin/” data-wpel-link=”internal”>coin is affected by macro DeFi factors as it is seen as a dividend-yielding asset from Yearn.finance usage.
YFI remains far below its $44,000 all-time high despite the recent rally off the $7,500 lows it reached just weeks ago.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock Price tags: yfiusd, yfieth Charts from TradingView.com Yearn.finance (YFI) Explodes $4,000 Higher in An Hour: DeFi Bull Run
Real Estate Giant Teams up with Gemini to Buy Bitcoin and Allow BTC Rent Payments
Caruso, one of the largest estate companies in the US, has entered the BTC space with an undisclosed investment. The organization also revealed it will begin accepting bitcoin as payment for rent following a partnership with Gemini – the cryptocurrency exchange founded by the Winklevoss twins.
Pay Rent with Bitcoin
Without specifying the precise amount, Caruso announced earlier that it had made a “significant initial investment” in the primary cryptocurrency as part of its treasury management strategy. The move has made the company “the first to adopt the technology in the real estate industry.”
The firm completed the purchase through a partnership with Gemini, a US-based cryptocurrency exchange and custodian. The innovation reinforced the company’s confidence in the digitizing space.
Additionally, the firm enabled its tenants to pay rent with bitcoin, should they choose to do so.
Rick Caruso, founder, and CEO of the company weighed in on the topic:
”We believe that cryptocurrency is here to stay. We believe that bitcoin is the right investment for us. We’ve allocated a percentage of what would normally go into the capital market into bitcoin.”
The billionaire went further and stated crypto is a long-term resolution and ”it’s not about the next year or five years”.
”We are thrilled to partner with Caruso as they continue to push the real estate sector to new heights by embracing cryptocurrency for the benefit of both their customer experience and their own business operations. We are excited to help them execute their digital asset treasury strategy and advise them more broadly throughout their cryptocurrency journey.” – commented Gemini’s CEO Tyler Winklevoss.
The Los Angeles-based company has become a part of the growing institutional adoption of bitcoin around the globe. According to experts, companies like MicroStrategy, MassMutual, Tesla, and more are a vital factor behind BTC’s recent price increase.
Bitcoin as a Form of Payment
While Caruso may be the first firm from the real estate industry to adopt BTC as a payment method, companies from other sectors have well preceded it. Most recently, the popular NBA team Sacramento Kings said it will give the option to its players to receive their salaries in the primary cryptocurrency.
Another fresh example is the UK private jet company – PrivateFly. The organization revealed that nearly 20% of its yearly payments were paid in bitcoin.
Binance Coin, BitTorrent Token, Ontology Price Analysis: 10 April
Binance Coin registered huge gains in the past few weeks. BitTorrent Token could consolidate before seeing recovery, while Ontology could face selling pressure if it falls out of the rising channel it was trading within.
Binance Coin [BNB]
From March 25 to April 10, at the time of writing, BNB has climbed from $225 to $473. Using the Fibonacci tool for its move from $225 to $356, where BNB had faced some resistance in early April, extension levels were plotted. These levels have been reached, and more ambitious targets for BNB lie in the $550 region.
It is not out of the question that BNB reaches these levels, especially with the BNB quarterly burning set for later this month. On the hourly, the RSI continued to stay above neutral 50 to show an uptrend in progress, and no divergence was seen. The Stochastic RSI was dropping toward oversold territory.
BitTorrent Token [BTT]
On the hourly chart, BTT broke out of a descending channel but was rejected at the $0.01 resistance level. Sometimes, breakouts from descending channel consolidate within a range before reaching toward the peak of the channel.
This could be what is happening for BTT. It has resistance at $0.01 and support at $0.0075. The breakout point at $0.0085 is also likely to serve as support.
Trading volume was trending downward. The Awesome Oscillator showed bearish pressure was present, although it was not strong.
ONT was also trading within a channel, but this one was ascending. Again, the short-term outlook placed ONT right beside a level of importance. There was resistance for ONT at the $2.05 level, and support from the lower boundary of the rising channel.
ONT began trading within this pattern about three days prior to the time of writing. A session close beneath the channel would likely see ONT face further selling pressure to take it to the base of the channel at $1.72. THE OBV has been on an uptrend in recent days but the MACD was beginning to drop.
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IOTA co-founder discloses Coordicide’s release date
The cryptocurrency market has seen the altcoins surge despite the correction witnessed in the short term. IOTA, the altcoin ranked 27th on CoinMarketCap, has grown dramatically on the charts right from the start of the month.
IOTA co-founder Dominik Schiener recently did one of his systematic AMA sessions. He elucidated some of the most important concepts about the development of IOTA and its updates, Chrysalis and Coordicide.
To begin with, Schiener answered a question about the challenges that IOTA 2.0 or Coordicide might face in its deployment process. One of the issues faced by the group of developers was to discover and fix bugs on major components.
The co-founder further shared his optimism on the progress in the AMA session.
“Coordicide will fully decentralize IOTA. On the theoretical side we are doing very well to deliver what is promised which is a fully decentralized IOTA. I think the biggest risk is the implementation.”
At this very moment, IOTA targetted Q4 of this year as a tentative date for Coordicide’s rollout. However, this depends largely on the results of the incentivized testnet, Schiener said:
“A lot of that will depend on how well the incentivized testnet goes, that’s why we always say that the incentivized test network is the most important part of Coordicide. That’s where the research combines with the implementation to test in an open environment.”
Furthermore, Schiener addressed concerns regarding data sharding. The Value Tangle team, just like the Coordicide team, reviewed all the “paths” and possible implementation of this component. Schiener stated:
“I think when it comes to sharding, if I had to sum it up, I think the biggest risk is going to be building a solution that is going to kill IOTA adoption. In a similar way of how they said the biggest risk to Ethereum is Ethereum 2.0.”
What’s interesting to note here, is the analogy with ETH and ETH 2.0.
Keeping all the risks in mind, Schiener concluded:
“With that in mind, the team have received feedback from their corporate partners to create a solution that the market wants. In large part, Chrysalis will be the culmination of that feedback.”
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