DeFi Tokens Have Been Heavily Affected By the Harsh Correction Seen in the Crypto Currency Market


Decentralized finance (DeFi) tokens were among the crypto currencies that fell decisively after the major market correction seen the other day. DeFi, it is a developing sector that offers traditional financial services such as lending and borrowing, but without a central bank such as an exchange or broker.

DeFi Tokens Have Been Hit Hard

According to CoinGecko data Aave,Uniswap,Chainlink and Terra all such projects recorded average reductions of 20% in a short period of time. The leading crypto currencies Bitcoin and Ethereum fell hard in minutes. Approximately 48 hours ago, the crypto currency market was watching a significant bullish sequence. Bitcoin climbed up to $52,700, while Ethereum was trading at the $4,000 limit.

In the development that took place yesterday, El Salvador became the first country to accept Bitcoin as its legal currency. BTC accelerated its upward momentum after this news, but as expected, the decline was close. The total value of the crypto currency market fell by 13%, while BTC fell to $ 43,000. Within a few hours Bitcoin 11%, Ethereum it has seen losses of up to 15%.

Losses Have Increased to Double Digits

It is an Ethereum-based oracle that provides data on the chain for smart contracts Chainlink it has been trading at $27 as of the time of writing, while recording a 16.4% retracement in the last 24 hours. Besides that Uniswap it has lost 14% in value over the last 24-hour time frame and is trading at $22.

Decentralized lending protocol Aave, it has recorded a 12% decline and is continuing its course at the 315 dollar levels. PancakeSwap 17%, Terra recorded a withdrawal of 8%. On the other hand, while the value of the global cryptocurrency market has fallen by about 10%, the double-digit losses seen in DeFi tokens show the extent to which this sector has been affected by the current correction.

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