bitcoin-3024279_1920

BTC showing a lot more volatility since the run up to 11k!

BTC showing a lot more volatility since the run up to 11k. Bears have tried to squeeze downwards on a few occasions this week but BTC has been resilient. While next resistance levels are @ 11,500 and 12,700, these look easily breakable with the continued momentum from DeFi. 

You could make the case whales have incentive to squeeze downwards; BTCUSD LONGS continue to grow with open interest at ~$5b. There’s also been record high volumes on Bakkt and CME indicating more instos want a piece of the action. However IMO, the narrative is still strong and at an early stage. The assumption here is the average crypto investor is still unaware of the basics to yield farming and will instead buy the governance tokens (like YFI, MTA) just for some exposure. To rephrase, the FOMO opportunity is approaching its prime and it’d be silly for whales to spoil the party early.

We’ve been looking into YFII, a copycat of YFI, for another opportunity to farm the 4-digit % yields. While initially flagged with warnings for being a scam, the project is looking more and more legit; 1) original owner burnt the keys, 2) code review showed almost no changes, 3) a semi-vote of confidence from YFI creators. We advise everyone to tread carefully with any new project and close monitoring is a MUST.

The team behind FTX is now taking their leap into DeFi with a new project, SERUM. The platform utilizes Solana to allow for speedy + cheaper cross-chain swaps but the most impressive aspect is the pace of execution from the team; the DEX should launch in a matter of weeks! Pre-seed and seed was oversubscribed (to say the least).

 

Thanks for reading our Weekly Trader Insight BTC showing a lot more volatility since the run up to 11k. Written by Head Trader Charles Yang.

If you found this article helpful, don’t forget to subscribe and checkout some of our other content below! 

Newsletter

What is PersistenceOne?

What is PersistenceOne? One of the biggest concerns that people face today is the increasing financial debt of many countries. A lot of people are

Read More »

What is UTU?

What is UTU? In Swahili “UTU” means humanity. It’s also the principle behind UTU the company, which puts people first in their platform that turns

Read More »

Digital Week X Genesis Block

In May 2020, Digital Week Online hosted its first successful global gathering attracting 170+ top-level speakers, 60+ professional investors, and 1,500 attendees! During this time

Read More »

What is Trade Mining?

If you are familiar with the DeFi space you have probably heard about Yield Farming. However, Trade Mining might be a new concept to you.

Read More »