Cryptocurrency Market News: DeFi's new Yearn.finance token price skyrockets past Bitcoin

Here is what you need to know on Thursday, August 20, 2020.

Markets:

Bitcoin price is back to the drawing board following the slump from the new yearly high at $12,495. After exploring lower levels close to $11,500, BTC has managed to make a shallow recovery to $11,828 (intraday high). Meanwhile, the cryptoasset is trading at $11,704 amid a weak bullish momentum. Support at $10,700 must be defended for gains towards $12,000 to materialize. Otherwise, bears could forcefully pull BTC back to $11,000.

Ethereum is also struggling to hold above $400. On the upside, resistance at $415 has stood its ground. The digital asset explored levels marginally under $400 on Wednesday after a sharp dive from $430. Earlier in the week, ETH/USD closed in on $450 but traded a new yearly high at $447.

Ripple is also gathering strength afresh before launching another attack on the critical $0.30. The price is teetering at $0.2871 as bulls nurture the upward momentum. Support at $0.28 and $0.27 is very key even as all attention is channeled to breaking above $0.30 again.

The entire cryptocurrency market is painted red except for a few selected coins that are flying the bullish flag, unbothered by the bearish pressure. Some of these include OMG Network up 33.19%, Algorand 14.51%, Qtum 11.67%, Untrust 16.78% and yearn.firnance 8.8%.

Chart Of The Day: YFI/USD hourly

Market:"

Yearn.finance, a new decentralized finance token has just surpassed the price of Bitcoin to trade new all-time highs at $13,552. The token allows investors to take advantage of the various features of the DeFi ecosystem such as staking, lending and yield farming to make profits. Since YFI started trading on Binance around $4,828, early this month, the price has more than tripled. At the time of writing, YFI is teetering at $11570 amid a sharp retreat from the new highs. The losses are likely to continue until the token finds formidable support but there are very scarce considering it’s a relatively new project.

Read more: Yearn.finance Price Forecast: YFI/USD DeFi charming giant rockets to $13,000, what next?

Industry:

The IOTA development team has completed the last stroke of the much-anticipated Chrysalis upgrade. The upgrade has seen the network achieve the capacity of 1,000 transactions per second. This is a massive improvement considering that IOTA was previously processing only 20 TPS. As per a blog post posted by the IOTA Foundation, Chrysalis is the intermediate stage in the removal of the Coordinator from the network. The IOTA developers have been managing a centralized server (Coordinator) in order to create checkpoints in the network’s transaction history.

Regulation:

The Financial Conduct Authority in the UK has accepted to list Gemini cryptocurrency exchange as a registered entity. Gemini’s UK branch is now among the first cryptocurrency businesses to register under the amended anti-money laundering rules using the European Union’s fifth AML Directive (AMLD5). While all new businesses have to register before commencing operations, existing companies must comply by January 10, 2021.

 Reprinted from fxstreet , the copyrights all reserved by the original author.