DeFi Tokens plummet while Bitcoin remains stable at US$10,700

The DeFi tokens had a day of heavy losses on Tuesday (29). After a bump in line with Bitcoin last week, DeFi tokens were unable to keep up, and many are falling today. Bitcoin, in turn, is holding steady at around $10,700. In Brazil, the price has surpassed and remained above R$ 60,000, boosted by the rising dollar.

The 100 largest DeFi tokens, classified by the CoinGecko website, are almost all in red. And some of the largest currencies, such as YFI, Chainlink (LINK) and UMA, are the worst-performing assets of the day: YFI lost 20%, LINK fell 10% and UMA fell almost 10%. The worst performing DeFi token of the day, Hakka, fell over 30%.

Bitcoin, in comparison, remains stable. And that’s right after the US$200 million KuCoin exchange hack. Typically, these hacks create market turbulence. But not this time.

The $11,000 price is still the next hurdle to overcome. For a few hours yesterday, Bitcoin seemed determined to break that barrier, but the market could not keep up the momentum.

It is a familiar pattern for Crypto Nation Pro OGs. September has historically been a low month for Bitcoin. In the last three years, there has been a remarkable drop in price every September.

Meanwhile, out of the top 10 cryptomoks, only one has made positive gains in the last 24 hours: the BNB, the native Binance token. It has risen 3.22% to US$28.20. All other assets, including Ethereum and XRP, have made losses.