Bitcoin and some other altcoins have started the present trading day with a bearish move. The massive dip is followed by a Binance notice to ban Chinese fiat currency CNY (Chinese Yuan) from December 31st, 2021. Hence, huge liquidations from this CEX platform were recorded that seem to be encouraging the DeFi world.
DeFi Season is on the Horizon before we begin With Altseason!
Further, the notice from Binance led to exciting developments across the space. In the last 24-hours, the total DeFi market cap spiked by 24.32% reaching $128.61 billion. And trading volume stands at $15.42 billion at the press time. Notably, DyDx gained 6.82%, Uniswap and SUSHI experienced profits of 7.28% and 5% respectively.
WuBlockchain, a Chinese journalist platform, said that the latest announcement coming out from Binance has resulted in huge liquidations of about 30 million in one hour. And also added that traders could move their funds to DeFi space as DyDx, Uniswap, and Sushi are getting massive attention.
Moreover, data from ByBt shows among 198.81 million liquidations, 81.14 million liquidations are from Binance. Followed by this, Bitcoin’s price slowed down dropping to its initial support level of $54,800, other prominent altcoins including Ethereum, Cardano has also experienced a slight pullback. The trend is expected to continue till the weekend, as the same thing happened during July when Binance restricted Future and Derivatives trading in certain geographical locations. On the other hand, DeFi tokens continued to raise with significant gains over the last two days.
Collectively, the Impact of Binance announcement led to a drop in Bitcoin’s dominance to 44.6.
If it continues to drop below 40, we can expect a DeFi season before the altseason. As DeFi space seems to be booming with the phenomenal surge in total volume locked in the last 24 hours, reaching $89.303 billion at the press time. Buzz running around the market believes that decentralized finance may continue to flourish till the end of November.