DeFi tokens collapse amid BitMEX incident

CONTENT

  • Fear of possible regulation has collapsed prices for DeFi tokens

  • Bitcoin lost the least in the market

  • The market is wondering about further implications for the decentralized finance sector

International consortium of news organizations developing transparency standards.

Decentralized finance app tokens begin to drop massively in value due to allegations against BitMEX cryptocurrency exchange

Decentralized finance (DeFi) asset prices are crumbling amid accusations leveled by the Commodity Futures Trading Commission against cryptocurrency exchange BitMEX. At the time of this writing, the top 10 DeFi tokens for the most part are in the negative.

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Source: coinmarketcap.com

The situation is even worse on the weekly timeframe. The sensational token has lost the most As the use of cryptocurrencies grows, new types of tokens appear. They can represent value or something intangible like voices. Two … More YFI (-27.9%). At the same time, the total amount of capital in the DeFi market since October 1 has fallen by almost $ 30 million to $ 1.517 billion (-1.8%).

Source: defipulse.com

Bitcoin itself over the same period of time dipped by only 2.27% to $ 10,524.

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DeFi Drawdown Decentralized finance (DeFi) is financial services built on blockchain technology that offer users access to an open, efficient and … More marketplace amid reports that the BitMEX hype has a direct impact on decentralized finance. Well-known cryptocurrency trader @ThinkingUSD believes that the US is giving the DeFi market to understand that they will come for them with the accusations against BitMEX.

“I hate to panic, but this [the charges against BitMEX] is an incredibly bearish sign for any protocol like DeFi. If you think that the US does not pay attention to unregulated exchanges or dAPPs, which run hundreds of millions of dollars through themselves every day … you are very naive, “the trader wrote..

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DeFi tokens collapse amid BitMEX incident

Former head of strategic development and business growth at DuckDuckGo, Adam Cochran, shares a similar position. In his opinion, the BitMEX incident initiates a wave of regulations in the entire cryptocurrency market:

“This [harassment of BitMEX] could lead to the blocking of domain names and hosting servers, the shutdown of external interfaces and the arrest of [blockchain] developers. If this happened to the protocol, most of the users would stop using it and would not interact with the contract directly, in fact, killing the protocol. “.

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However, there are those who believe that BitMEX should not be expected to have devastating consequences for the DeFi market. Twitter user Ann Wiltgen noted that unlike a centralized crypto exchange, DeFi protocols are transparent and well traceable:

“Decentralized and high volume is not suitable for money laundering. For now, platforms like Uniswap offer zero privacy. All transactions are open. Take a look at recent hacker swaps. On the other hand, centralized platforms like BitMEX are not as transparent. “.

Recall that the CFTC previously accused the BitMEX exchange of conspiracy and violation of the Bank Secrecy Act (BSA). The regulator claims that from November 2014 to the present, BitMEX has illegally offered retail traders the opportunity to trade cryptocurrency futures, options and swaps using 100: 1 leverage..

Uniswap reaches $100B in cumulative volume amid DeFi explosion

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DeFi tokens collapse amid BitMEX incident
DeFi tokens collapse amid BitMEX incident
DeFi tokens collapse amid BitMEX incident

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