Today, the price of Yearn.Finance (YFI), the platform’s governance token, reached a new all-time high of $ 11,275.
YFI shows striking growth
For those of you who have never heard of YFI, it was launched less than a month ago and was initially designed as a “worthless token“.
In fact, in a Medium post, it was claimed that Andre Cronje, developer of Yearn.Finance, established that the token had a “financial value of 0“.
However, today the token reached a new all-time high of $ 11,275 according to CoinGecko. So, it would be normal to ask ourselves: what has generated such growth?
We can establish two possible explanations: First, the very nature of the token. The token was designed to have a total supply of 30,000 tokens, quite small by standards. In addition, added to this, 60% of them are currently blocked.
Consequently, more than half of YFI’s supply is illiquid and therefore not on the market. And, as we well know, if demand increases while supply or supply remains the same, price increases will be generated.
And, in addition to the above, the DeFi market has seen extraordinary growth that, precisely, explains the increase in demand for the token.
However, these conclusions could be tricky, because they also tell us that if investors start selling their tokens suddenly, the price could drop very quickly.
In this sense, the token’s valuation currently fell a bit and stands at $ 9,902, with a growth of 18.56% during the last 24 hours.
Chainlink drops 15%!
We recently reported from CryptoTrend that Chainlink (LINK) would have reached a new high of almost $ 20, since then the crypto has seen a drop of about 15%.
Obviously the main concern is whether the crypto streak should be ended. And it is that, the crypto was among the tokens with a better performance this 2020 so, what happened?
Watch out! LINK remains the best performing token of the year.
At the moment, this could be the worst drop crypto has suffered since the market crash in March.
However, the main reason for the recent drop appears to come from the Chainlink team, given that, as reported TrustnodesLINK appears to have been sold for $ 40 million this month, and in a non-transparent manner.
Binance to the rescue! Help the police uncover money laundering ring
Yes, this is how you read it, Binance played a key role in the arrest of three suspects by the Ukrainian police. These suspects were apparently charged with laundering $ 42 million through crypto exchanges for two years.
The news was announced on the crypto exchange’s blog, where they revealed Binance’s secret project.
The project was carried out by the Binance security team and the firm RegTech TRM. The joint work with the police allowed the arrest of the suspects.
In addition, officers found more than $ 200,000 in computer equipment and cash, as well as assault rifles, submachine guns, and ammunition.
Goldman Sachs interested in crypto assets?
According to the page of Goldman sachs, the firm is hiring a new vice president for the team of Digital Assets within its division of Global Markets.
The interesting thing is that, according to the job description, the vice president will be in charge of “define and run Goldman Sachs Distributed Ledger Technology (DLT)“.
Will the firm start taking firm steps within the crypto industry?
In a few lines …
- Whale Alert reported that hackers from the hack of Bitfinex from 2016 they moved 473.3 Bitcoin to an unknown wallet.
- The United States government has decided to sue Edward snowden for a portion of his earnings from Bitcoin conferences.
- Vitalik Buterin, co-founder of Ethereum, recognized than sold and donated his holdings in ETH for Fiat money when the price was $ 700.