Most DeFi Tokens Got Crushed With The Latest Crypto Market Wreckage

Most Defi tokens including Chainlink and Uniswap got crushed during the latest market crash where BTC and ETH dropped to new lows as we can see more in our latest crypto news today.

When the crypto market entered into freefall on Wednesday, the centralized exchanges such as binance, Coinbase, Gemini and Kraken suffered outages while the decentralized exchanges like 1Inch and Uniswap ran without a problem. Even though it is not as simple of comparison since the DEXs typically have smaller trading volumes, the resilience of DEXs reinforced their appeal towards the crypto-savvy traders to swap the decentralized finance tokens.

Over the weekend, however, the entire market was falling a lot so most Defi tokens weren’t able to avoid the crash. BTC dropped another 14% on Sunday to $32,000, ETH dropped to 16% to $1900 and Binance Coin dropped to 24% or $235.  Other DeFi tokens like Uniswap and Chainlink dropped by 25% while Aave and Maker dropped by 24% and 19% respectively. The damage suggested that when a crypto crash is wide enough, no token is safe.

The weekend selloff continued with a slide that started 10 days ago when Tesla CEO Elon Musk declared that his company won’t accept BTC payments anymore due to environmental concerns. In the days later, Musk continued to blast BTC for its impact and reconfirmed his plans to make DOGE more sustainable. In some other bearish headlines, we can see that in China things are going for the worst. The Chinese payment association reissued a public warning on crypto and then a few days later, a financial committee in China led by Vice President Liu He said that the government is cracking down on the BTC mining industry and considers it a high-risk sector.

China and Musk weren’t the only ones either as BTC’s reputation was damaged even more when the Colonial Pipeline hackers made off $90 million in a BTC Ransom. Further reinforcing the criticism of the centralized exchanges by the DEX supporters and a prelude to a new Chinese crackdown, Okex and Huobi restricted some of their services for users in the country amid the crash.

Source: https://www.dcforecasts.com/altcoin-news/most-defi-tokens-got-crushed-with-the-latest-crypto-market-wreckage/