RATE Group | Traders Turn to DeFi to Capitalize on Tuesday’s Crypto Market Spike
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Traders Turn to DeFi to Capitalize on Tuesday’s Crypto Market Spike

15 Jan Traders Turn to DeFi to Capitalize on Tuesday’s Crypto Market Spike

Posted at 02:38h in Cryptocurrency News by

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Decentralized finance (DeFi) applications are popping off Tuesday, and the ETH price spike isn’t the whole story.

As of this writing, ETH is up around $20 since Monday. “Cryptocurrencies are still pretty correlated so with some of the developments around Craig Wright and BSV, that ended up moving the entire market,” Paul Veradittakit, of Pantera Capital, told CoinDesk in an email. Bitcoin SV is the fourth-biggest cryptocurrency by market capitalization, according to CoinMarketCap. It shot up 117 percent over the past 24 hours, according to CoinDesk’s BSV Price Index.

Since ETH gets “locked in” to DeFi apps, the total market value will go up any time the value in ETH increases, but that’s only part of the picture.

DeFi Pulse showed the DeFi market as having roughly $706 million in ETH locked into its applications on Monday. As of this writing, that value has risen to $782 million.

Another part of the story is speculators looking to capitalize on a market spike. It has been a very long…

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