The trading madness comes to an abrupt end on many stock exchanges and trading in stocks and crypto currencies is stopped again and again. Could the DeFi sector be one of the main winners of the trading hype over the last few days?
This week the news is rolling and the hype in the stock and crypto markets is huge
After the Reddit group r / wallstreetbets initially catapulted GameStop’s share price into the air, it was Dogecoin’s turn a short time later . Within the last seven days, the price of the meme coin has risen by over 500 percent. But that’s not all.
On Friday morning the rumor mill on Twitter started to simmer and many suspect that Elon Musk has now also invested in Bitcoin. Then not only did Bitcoin skyrocket, but many other cryptocurrencies also joined the price rally. What effects could the developments of the last few days have on the DeFi sector?
Not only Dogecoin and Bitcoin (BTC) were able to record enormous price increases, but also the “ETF token” DeFi Pulse Index (DPI) rose by 28.10 percent.
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AAVE grew by 49.73 percent and UNI even rose by over 70 percent. In addition, the Total Value Locked indicator, which shows how much money is in the DeFi sector, also grew enormously.
With this, Decentralized Finance is setting a new record. Never before has so much capital been stored in DeFi logs.
Trading stop: DeFi bulls sense their chance
After the US trading app Robinhood stopped trading several stocks a few days ago, trading in crypto currencies is now also being stopped, according to Reuters .
Due to the exceptional market conditions, we have temporarily switched off the buy-it-now function for cryptocurrencies. We will continue to monitor market conditions and share new insights with our customers immediately.
As a result, many DeFi cops sensed their chance and aggressively advertised decentralized applications on Twitter, where no one can simply pull the plug.