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DeFi Token Yearn Finance (YFI) Unsurps Bitcoin Dollar Value, As Waves Makes List of Top Gainers



In Brief: Here’s a recap of the cryptocurrncy market watch – 18th August 2020

  • Bitcoin crosses the  $12,000 resistance level and finds support around $12,200.
  • Yearn finance (YFI) swings bullish again, with a 50% gain to create new all-time high.
  • WAVES continues gains of a week with today’s gains driving towards  the $4.5 price level

Our today’s top gainers list features a few DeFi token accomplishing brilliantly, following bitcoin’s market leadership.

Bitcoin continues to maintains the position of the top cryptocurrency by market capitalization and once again, it has proven it’s worth by defeating the long-held $12,000 resistance level. After several days of sideways motion, Bitcoin (BTC) finally breaks the $12k price level and as foretold by several analysts, is moving towards $13,000.

Today, DeFi token, Yearn.Finance (YFI) reports the highest 24 hour gains, followed by WAVES which made roughly 18% profit in the past 24 hours. Meanwhile, bitcoin is observed moving towards the sub-$13,000 level.

Bitcoin Surges Past $12,000 (BTC 3.45% Gain)

Bitcoin’s profit since yesterday is not so glamorous when compared to its top competitions. Hence, it cannot exactly be considered a top gainer. However, the coin is observed to be arriving at a decisive point, and may be getting ready for a new rush of gains.

Today, Bitcoin documents a 3.45% gain, breaking a major resistance level at $12,000. BTC has, in effect, been tagged as the top crypto by market capitalization, according to CoinMarketCap.

Bitcoin price chart

Bitcoin is up by 19.9% in the 1 year time frame, and also boosted by 3.0% in the last week. The top crypto has been able to make twice as much gains obtained since the last day. 

About 92% of traders are eager in extra earnings as the trading day matures, indicating an abundant bullish market attention towards bitcoin.

Technical Indicators

It is highly likely that bitcoin will break the resistance at $12,500 and press forward. Although the RSI is horizontal at the 50.0 level, the coin has broken major resistance at $12,200.

  • The next  major resistance level is $12,500
  • Next level of major support is $12,200
  •  RSI is horizontal at 50.0, and further movement will be determined by the next direction of the RSI.

Bitcoin is now trading around $12,217, with a market cap of $225 billion. reaches new all-time high (YFI, 34% Gain)

DeFi token, Yearn Finance, YFI, continues to maintain a week-long market gain which accumulates to 102.7%. Within the last 24 hours, the coin profited around 36%. 

YFI overtook the opposition at $12,000, right after breaking the $11,800 resistance level. Before midday, the coin tested the $12,500 price level. Although it initially failed to break the $12,500 level properly, the cryptocurrency had now retraced back to the $9,500 price area.

Yearn Finance YFI price action

YFI recorded the most gains among the top gaining cryptocurrencies of the ongoing bull season within the last month, with a documented gain of around 1000%.

YFI shows a brilliant market traction within the last 24 hours. Presently, YFI trades at $9,905

Waves Makes Top Gainers List (WAVES 18% Up)

Waves price action

Also on today’s list of top gainers is WAVES, which has advanced greatly in order to attain today’s list of top gainers. In the last 24 hours, the coin made approximately 18% profit. WAVES looks bullish in the hourly time frame with a gaining record of roughly 6.5% in the last hour.

WAVES has been in earnings since last year, and the coin recently made the headlines. The coin is up by nearly 261% in a year, 197% within the last 30 days, and has also recorded a 122% gain within the last seven days.

The market opinion is bullish for WAVES as 80% of traders chose for a buy, indicating a possible upward profit for this cryptocurrency.

WAVES currently trades at $4.20, with a total market cap of $437 million.

Technical Indicators

  • Next major resistance at $4.50
  • Next major support level at $4.20
  • RSI peaks through the 30.0 oversold condition. 
  • Bullish ride moves above the Bollinger indicator.


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Crypto Assets

Crypto prices drop as global market fear increases



Top cryptocurrency prices have fallen amidst a drop in stocks and fears over China’s Evergrande debt crisis. In the last 24hour, Bitcoin dropped from $47,772 to $42,630 shedding about 8.58%. this is the lowest in price since another bull run began on Sept 5 after the April crash.

El- Salvador’s President, Nayib Bukele sees the fall as an opportunity to invest more. Recall that the country adopted Bitcoin as a legal tender on September 7. Despite the adoption, the price of Bitcoin has fallen by almost 14% since then.

Other coins have experienced dramatic crashes within the last 24hours. Solana, a coin that has experienced 355% growth within the last 3 months fell from $162 to $130 shedding about 11.39% within the last 24hours. Solana’s fall may be categorized by the 17-hour outage which the founder, Anatoly Yakovenko said was caused by bots “flooding the networks”

Ethereum fell by 9.37% while Dogecoin and Axie Infinity fell by 11.22% and 14.14% respectively within the last 24hrs hours. While crypto experiences dark Monday, El-Salvador keeps investing more money in Bitcoin.

A look at the global market

The global market is experiencing fear due to the Evergrande debt crisis. A report published by the University of Michigan shows that consumer’s sentiment is beginning to decline. This trend alone may impact the crypto market as well.

On the other hand, the global market downturn must have been spurred by the Evergrande debt crisis. The company grew to be one of China’s biggest companies by borrowing more than $300bn. Last year, Beijing made rules to control the debt owed by big real estate developers. This led Evergrande to offer its properties at major discounts to raise more money to keep the business afloat. Right now, the company is struggling to meet the interest on payment of debts.

Why would it matter if Evergrande fails?

The collapse of the multi-million dollars company would affect the global market; including the crypto market. Many people bought properties from Evergrande and they expect to make gains. If Evergrande falls, crypto investors will be forced to withdraw more money to keep their business running without the means to invest more. When one business fails, the other gets affected indirectly. This also applies to other firms that do businesses with Evergrande.

The potential impact on China’s financial system is another effect of Evergrande’s fall. In his statement to BBC, Mattie Berkink, the Economist Intelligence Unit (EIU), said that “the financial fallout would be far-reaching. Evergrande reportedly owes money to around 171 domestic banks 121 other financial firms” if the company fails, other lenders or businesses may be forced to lend less. Thereby leading to a credit crunch- a situation where companies struggle to borrow money.


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Crypto Assets

6 Cryptocurrencies to leverage for Building Personal Wealth Long Term



“Investing in Crypto should be viewed as another path towards financial independence that can help people beat inflation over time.”

—Alex Mashinsky (CEO, Celsuis)

The Crypto market is blooming. Nearly 1 in every 3 individuals in Africa, particularly Nigeria, currently trade cryptocurrencies for one purpose or the other. For more than a decade now, blockchain technology has pervaded the financial markets and persistently received traction from various quarters. Its adoption rate in Africa is a force to be reckoned with. The reports are glaring enough. This has then cultivated the growing appeal of the people in trying to employ crypto as a viable tool to build wealth, albeit long term.

Recently, thousands of cryptocurrencies were known to exist in the market and the numbers keep expanding. It is, therefore, imperative that these digital coins are closely observed to identify the favourable ones for a long-term game. We, at Decentralize Africa, know this. You don’t need to make any emotional rush. This is why we’ve put together highlights of sustainable cryptos that can help you build a fortune over time if you play your cards right.

  • Ethereum (ETH)

Coming first on the pack is Ethereum. The reason for this is not far-fetched. Earlier this year, ethereum was said to have amassed a market capitalization running into billions of dollars. As if that is not enough, Ethereum pointed out its plans to remake its consensus algorithm. This will in no small measure help the crypto network perform several seamless operations and that too with reduced energy. 

The major change that was done to Ethereum’s network, i.e, a modification to Proof-of-stake, will enable players in the system to pitch ethers in a more protected and also rewarding account. This is quite comparable to the bitcoin system. So, yes, Etherum is something that should be in the plans. 

  • Stellar (XLM)

Of course, Stellar has to find a place here, innit? For one, the cryptocurrency holds promising potential for those interested in the long shot. It is more or less a fertile space in the string of blockchain networks. Most of us are privy to how tedious, cross-border transactions tend to appear. This is where Stellar comes in. The versatile platform is capable of completing payments in a matter of seconds at a meagre fee; which is payable using the Stellar coins. Stellar’s efficiency is no doubt commendable. Although like most coins, it has had its share of a downward trend in prices, there is no doubt that Stellar is yet to reach its peak. As such, analysts have observed that there’s room for expansive growth as the year’s roll by. 

  • Bitcoin (BTC)

This sequence is deliberate though. We all know the mighty bitcoin will be here, don’t we? Bitcoin has amassed a wild price range, an ever-growing market capitalization and its prospects for investment opportunities speak loud enough. Although there is an influx of cryptocurrencies today, Bitcoin embodies a large percentage of the market value. 

Investing in bitcoin is never a bad business. It has its lows of course, but it jumps pretty back in most cases. Its wide acceptability is a testament to this fact. Several companies are integrating bitcoin in their payment structure, and business-men, banks are not left in the loop as well.

  • Solana (SOL)

Interestingly, Solana is one of the few digital coins to maintain a steady rise in value. It came up the pack in 2017 and has since improved its value system over time. It offers enticing packages, by being used to complete rapid transactions and every other thing that makes it a good catch. Solana might seem a bit obscure at the moment, but it is certainly one of the best to look out for.

  • Chainlink (LINK)

More accessibility means more acceptance, right? Chain-link is that cryptocurrency that’s relatively available to most people. It’s inexpensive and a good store of value as well. This is one of the reasons that attracts many investors to it. If you are looking to invest in a cryptocurrency in this context, this is one of the coins that can help build your financial portfolio in the long run. 

  • Cardano (ADA)

It is observed that the Cardano network holds a somewhat appealing impression for myriads of reasons. It consumes far less energy which then translates to a faster transaction rate. Also, it proves to be secure and it is one blockchain network that is quite keen on developing its systems.


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Bitcoin in Africa

ICE3X, One Of South Africa’s Oldest Crypto Exchange Cease Operations




ICE3X, one of the first and oldest crypto exchanges in South Africa and across Africa which was founded in the year 2013 with roughly 80,000 clients ceased operations permanently due to low liquidity.

Earlier this year, ICE3X announced that they noticed some discrepancies in the balances pertaining to Bitcoin and Litecoin held on the platform on March 16. After several consultations and deliberations with their partner and subsidiary, no satisfactory conclusion was reached.

But on the advice of their auditing and legal team, ICE3X suspended deposits and trading of cryptocurrencies on their platform. In addition, Bitcoin (BTC) and Litecoin (LTC) withdrawals were also suspended pending the outcome of a full investigation and reconciliation.

ICE3X said that clients holding cryptocurrencies on their platform excluding Bitcoin (BTC) and Litecoin (LTC) will be able to withdraw their funds. They further said that this was done in protection of their clients.

On March 23, withdrawals from ICE3X platform by clients were totally disabled, and it was announced that withdrawals would now be done manually – clients would have to submit their withdrawals request via a Google Form.

The homepage URL of ICE3X which is Users will now be redirected to with no withdrawals support for Bitcoin (BTC) and Litecoin (LTC) yet, but clients were advised to place their withdrawals request for both.

On April 6, according to the website of 1CE3X, the South African Crypto Exchange will not be returning back to operations and advised to start their liquidation proceedings. Also, there are no longer withdrawal requests pending for any currencies except Bitcoin (BTC) and Litecoin (LTC).

At the point of writing this article, the latest update from ICE3X, shows that all withdrawal requests submitted up to April 6 have been rectified and all the remaining assets either cryptocurrencies or fiat are held in trust by Manong Badenhorst & Badenhorst Attorneys. Also, liquidation proceedings have been initiated and clients are advised to download the requisition form, which should be sent as a mail to

Recently, Binance announced that ZAR trading pairs was delisted from their platform, according to the official Twitter handle of Binance Africa on March 31. It was recommended that users either trade out of their ZAR positions or withdraw all their ZAR balances before April 2, 10:00 AM (UTC). The affected trading pairs are USDT/ZAR, BTC/ZAR, ETH/ZAR, BUSD/ZAR, BNB/ZAR.


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