Cryptocurrency Market News: The DeFi bubble is nigh – claims Binance CEO Changpeng Zhao

Markets:

Bitcoin price retested the $12,000 level on Tuesday. The bullish move suggested that BTC still has the potential to hit higher levels. The recent price action followed a second dip to $11,100. Lack of proper volume on breaking out led to an ongoing reversal. currently confirming support at $11,800. If bulls are not careful, BTC could fall back to the drawing board at $11,100.

Ethereum has paused the magical rally towards $500. The uptrend to new 2020 highs and levels not seen since mid-2018 began over the weekend when ETH soared above $400 from the support at $370. Ether is valued at $478 after recovery from the intraday low at $465. On the upside, resistance at the yearly ($489) is the only bump in the path to $500.

Ripple is trading in the green in a market that is predominantly bearish. The cryptocurrency hit levels above $0.30 but is struggling to contain the price above the same level. Meanwhile, it has retreated to trade at $0.2994, or to be precise, XRP remains pivotal at $0.30.

Some selected altcoins are performing well, even the ones that are not DeFi-based like Tron. TRX has been on an upward roll since the week started. Besides, the partnership news with Band Protocol, Justine Sun, the founder has promised the community news that will benefit all its related tokens.

Other altcoins that are performing better include Kusama (11.9%), Band Protocol (16.64%), Flexacoin (25.85%), DFI.Money (127.10%) and Curve Dao Token (10.41%).

Chart Of The Day: ETH/USD daily chart

Market:

The decentralized finance craze is still pushing its rocket engines to higher highs. Protocols such as Yearn.finance have set new records in the market in August. For instance, YFI hit new all-time highs, surpassing Bitcoin’s all-time high by far. The token hit highs close to $40,000 before retreating below $30,000.

As the DeFi ecosystem sets record highs, the CEO of Binance, Changpeng Zhao (CZ) has warned of a potential “DeFi Bubble.” He thinks that some meteoric growth by some tokens with no utility and real value will negatively impact other participants of the ecosystem. CZ termed his opinion as “unpopular.” On the other hand, the concept of staking as a means of creating liquidity is bound to stay.

Industry:

Cryptocurrency adoption continues to increase across the world. Just recently the US allowed banks to provide custody services for crypto assets such as Bitcoin. This reverberated across the industry, bringing cryptos a little more mainstream.
Another report by Cointelegraph says that Wiener Börse, a Vienna based stock exchanged has added Bitcoin and Ethereum to its “official regulated market.” The exchange has listed 21 Shares AG’s BTC and ETH exchange-traded products. The trading of ABTC and AETH i=commenced on September 1.

Regulation:

The United States Commodity Futures Trading Commission (CFTC) is reported to have recently charged 20 entities for claiming that they were duly registered under the regulatory body while they were not. The registration of exchanges with CFTC and the National Futures Association allows services related to trading in digital assets to be disbursed to customers in the region.

Some of the firms wrote on their website that they were registered. The regulatory body confirmed that none of them had sort registration. The entities include Bitfx24option.com – which claimed to trade and exchange Bitcoin, Fidelityfxtrade.com – crypto forex and investment platform, and Granttradefx.com among others.

Today’s actions are the latest examples of the CFTC’s efforts to aggressively root out fraud and bad actors involved in our markets. As these actions show, the CFTC will act decisively to prevent false claims of CFTC or NFA registration.

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