General

# DeFi growth and potential Grayscale YFI security push Yearn.finance to $45.9K

# DeFi growth and potential Grayscale YFI security push Yearn.finance to $45.9K

In the early hours of Feb. 11 Yearn.finance (YFI) experienced a high volume spike which pushed the price to a new all-time high at $45,900. 

Data from Cointelegraph Markets and TradingView shows that YFI hit a swing low at $33,638 on Feb.10 before experiencing a 26% breakout of 26%.

The move appeared to be motivated by a corporate registration filing with the State of Delaware which showed Grayscale Investments registering the LLC for a Yearn finance trust similar to its Bitcoin and Ethereum products.

A range of new partnership announcements and further expansion of its vast DeFi ecosystem are also factors that may have catalyzed YFI’s surge to a new high.

YFI/USDT 4-hour chart. Source: TradingView

VORTECS™ data from Cointelegraph Markets Pro began to detect a bullish outlook for YFI on Feb.7, prior to the recent price rise.

The VORTECS™ score, exclusive to Cointelegraph, is an algorithmic comparison of historic and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

Cointelegraph Markets Pro – VORTECS™ Score (green) vs. YFI price

As can be seen on the VORTECS™ chart above, after seeing its price decline in the early hours on Feb.10 the YFI community had a significant announcement, and prior to this announcement the VORTECS ™ score registered 48, then rose to 66 as YFI price broke out from $35,000 to $42,500 in the hours that followed.

In an effort to help the YFI protocol become the most expansive decentralized finance ecosystem, Yearn also announced a partnership with Badger DAO, whose purpose is to build the necessary products and infrastructure that will help accelerate Bitcoin as collateral across other blockchains.

Together, Yearn.finance and BadgerDAO hope to build the “best-in-class Bitcoin vaults” for the DeFi space that will allow BTC holders to fully integrate and participate in the growing DeFi movement.

The partnership will also help ensure sustainable yields for Badger vaults while allowing Yearn users to earn a healthier compensation, amounting to a win-win for both communities and the DeFi ecosystem as a whole.

Grayscale Investments filing gives YFI an added boost

Yearn price received further attention on Feb.11 when it was revealed that Grayscale Investments registered an LLC for a prospective Yearn Finance (YFI) Trust, indicating that mainstream financial investors may soon have access to the governance token.

Institutional investors are thought to be the primary force propelling the current crypto bull market and announcements that signal their investment into particular assets like YFI tend to generate a temporary pump in price and sentiment.

What is yet to be determined is whether today’s YFI rally was a buy the rumor, sell the news event.

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our General category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button
Close

Please allow ads on our site

Please consider supporting us by disabling your ad blocker!