Bitcoin continues to hover above $ 10.000, while Ethereum's decline has only intensified in the past 24 hours - here quotations in real time. The DeFi space is also facing major hurdles, but in the past few hours many DeFi currencies have returned to rise following the new developments around SUSHI.
Bitcoin struggles to stay above $ 10.000
On Saturday, September 5th, Bitcoin bottomed out at around $ 9.825 (on Binance). The asset managed to recover over the next few hours and stabilized at around $ 10.200. Bitcoin remained above the critical $ 10.000 mark for around $ 200.
Should BTC fall below it, however, it would find itself testing the next threshold lines at $ 9.800 and $ 9.600, which is also the CME (Chicago Mercantile Exchange) gap since July. Alternatively, Bitcoin must prove that it can hold up to the $ 10.250 price point before going higher. If successful, the cryptocurrency could aim for the next 2020 high from February of $ 10.500, followed by $ 10.800 and $ 11.000.
There are two plausible theories on the net as to why Bitcoin has dropped so much. Firstly, China-based Bitcoin miners are suspected to have emptied their BTC reserves on several crypto exchanges. Secondly, Bitcoin is known to be highly correlated with the stock market which has suffered considerable losses over the past week.
DeFi currencies bounce thanks to SUSHI news
SUSHI, the governance token of the well-known Uniswap SushiSwap fork, has crashed in recent days. On Saturday, Nomi, the main developer of the protocol and anonymous founder of the viral DeFi SushiSwap project, converted a part of the SUSHI tokens, destined for the development of the SushiSwap ecosystem, into ether (ETH).
This caused the price of SUSHI to drop and hit lows around $ 1. The token crash came along with intense criticism from the DeFi community. The move has indeed led to speculations that SushiSwap is a scam and Nomi had exited the project.
On Sunday, Nomi announced that administrative control of Timelock has been transferred to the CEO of FTX and, following this news, the price has started to rise again, dragging several DeFi currencies with it.
SUSHI rose to its current levels of $ 2,6, Chainlink (LINK) jumped to around $ 12, UMA, YFI, Aave's LEND, Maker, and other tokens reacted similarly. However, it is worth noting that on a 24-hour scale, all of these tokens are experiencing severe losses, most of them with double-digit values. Meanwhile, total value blocked on DeFi platforms took a huge hit with a 22% drop from its high of $ 9,512 billion.
