Chinese Bans Have Ignited a Rally in DeFi Tokens! There Were Double-Digit Increases

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Decentralized finance (DeFi) tokens and exchanges began to recover after China announced its latest crackdown on crypto. The recent news of the ban from China has turned the crypto currency market upside down. With the change of direction of the market as of the new week The DeFi token‘s are also on the rise.

DeFi Tokens Have Recovered Quickly

Beijing, the capital of China, has recently dealt a heavy blow to the crypto currency sector, causing major losses in crypto currencies. But this happens almost every year. Therefore, the markets are now FUD he has become mature and hardy enough to shake off the storm. Recently, the central bank of China banned crypto transactions for the tenth time with an announcement.

Over the weekend after the ban, there was a small decrease in the total market value, which fell below $ 2 trillion. But crypto coins he started the week with a new increase and The DeFi token‘s are leading the market.

On the other hand, the Chinese media outlet Wu Blockchain attributed the increase in DeFi tokens to this situation, noting that Chinese traders have seen an increase in their activity on decentralized exchanges, as China has collapsed centralized exchanges.

“The market has increased in the last hour. ETH it rose 9% to settle above $3,000. The activities of China’s CEX stock exchange have triggered leading DeFi projects to lead the rise.”

DYDX Leads the Increase

According to data received from CoinGecko, the crypto market value has increased by 4.8% in the last 24 hours, and the market has received more than $ 100 billion in cash injections since yesterday.

The bulk of this money is from those who have earned more than 10% in the last 24 hours and are currently trading at $3,130 Ethereum he went to DeFi tokens, including.

It also reached an all-time high of $21.44, up 44% from earlier in the day DYDX, it became the leading cryptocurrency in the top 100. According to Wu Blockchain, this increase in the DEX token is due to the fact that Chinese traders dYdX this is due to the high demand for the derivatives platform.

After exchanges such as Huobi have now banned Chinese traders from opening new accounts, traders have begun to flock to decentralized alternatives such as dYdX. However, the current momentum is due to liquidity farming incentives rather than trade.

Uniswap Exceeded $25

Uniswap DEX token UNI has increased by 34% to $25 in the last 24 hours. This increase makes UNI the second largest winner of the crypto top-100 at the moment.

In addition, according to data from CoinGecko, SUSHISWAP’s SUSHI token is in third place, reaching $ 11.27, a 23-hour increase of 24 october. Other DeFi tokens with double-digit deci gains include Curve Finance (CRV), Compound Finance (COMP), Aave (AAVE) and Synthetix (SNX).

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