Bitcoin and ether continue to make profits on Friday and stakeholders are increasingly investing their crypto in DeFi.
- Bitcoin (BTC) is trading around $ 11,333 as of 20:00 UTC (4 pm ET). Earn 2% over the previous 24 hours.
- Bitcoin 24-hour range: $ 10,974- $ 11,460
- BTC above the 10-day and 50-day moving averages, a bullish signal for market techs.
Bitcoin’s price rose to $ 11,460 on the rise in buying volume on Friday, continuing its bullish run to limit a week of economic uncertainty.
Read more: Bitcoin on track for July’s biggest price gain in 8 years
“The second-quarter US GDP results were tough and traditional markets are seeing a bit of risk, a strong downward movement in yields and weak stocks,” manager Koinh Dan Koehler told Koinh of liquidity for the cryptocurrency exchange OKCoin. “It is a crucial time for bitcoin, in my opinion.”
In fact, stocks are outperforming on Friday, with major global indices low or flat.
Bitcoin outperformed major equity indices for July, an increase of over 20% for the month. “It will be interesting to see how Bitcoin behaves in a risk-free environment this time, having broken and so far above $ 10,400,” added Koehler’s OKCoin.
Read more: Banks in the US can now offer crypto custody services, regulator says
Michael Rabkin, head of institutional sales at cryptocurrency trading firm DV Chain, said a positive news cycle on the crypto front is helping the market. “We have seen more purchases in recent days, specifically since last week’s announcement that it would allow banks to maintain custody,” he said.
“There is definitely a more optimistic sentiment since that announcement came out and, as we have seen, it has resulted in an upward momentum,” added Rabkin.
Mostafa Al-Mashita of Global Digital Assets, a commercial bank focused on digital assets, said that alternative cryptocurrencies, or altcoins, is where it expects operators to make short-term gains. “The market is consolidating as alternative currencies catch up with the recent bitcoin pump,” he said. “I would expect altcoins to lead for a few days before Bitcoin goes up again.”
Read more: Coinbase considering 19 additional cryptos for the Exchange listing
DeFi blocked at $ 4B
Ether (ETH), the second-largest cryptocurrency by market cap, rose on Friday, trading around $ 344 and rising 3.1% in 24 hours from 20:00 UTC (4:00 pm ET).
Since June 1, the total value locked in decentralized finance powered by Ethereum, or DeFi, has increased 300% from $ 1 billion to $ 4 billion, according to data aggregator DeFi Pulse.
In just two months, the total bitcoin blocked on DeFi quadrupled from 4,975 to 20,610 BTC. Total ether blocked in DeFi has grown 60%, from 2.6 million to 4.2 million ETH. The blocked Stablecoin dai has increased by 19%, from 365 million to 435 million.
Read more: Aave’s LEND token jumps 23% on liquidity mining plan
Azamat Malaev, co-founder of HodlTree, a new DeFi protocol for interest-bearing tokens, said the catalyst for this growth was that investors blocked cryptocurrencies with a large, private DeFi lender to achieve “performance” or profit. “It started with the launch of the Composite token distribution on June 15,” he said. “And, of course, with a time delay, the information began to spread.”
Other markets
Digital assets at CoinDesk 20 are mostly higher on Friday. Notable winners as of 20:00 UTC (4:00 pm ET):
Notable losers as of 20:00 UTC (4:00 pm ET):
Read more: Chainlink’s lofty symbol shows the lucrative role of the ‘oracle’
- Gold is up 0.90% and $ 1,973 as of press time.
- Oil is flat, 0.12% green. Price per barrel of West Texas Intermediate crude: $ 40.37
Read more: The dollar falls to the lowest level in 2 years, while gold, silver and bitcoin shine
- All Treasury bonds fell on Friday. Yields, which move in the opposite direction of the price, fell further in the two years, by 12% red.
Read more: Ripple paid MoneyGram $ 15.1M in ‘Market Development Rates’ in Q2
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