{"id":4409,"date":"2020-09-14T11:00:57","date_gmt":"2020-09-14T11:00:57","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=438365"},"modified":"2020-09-14T11:00:57","modified_gmt":"2020-09-14T11:00:57","slug":"yearn-finances-yfi-reclaims-40k-after-coinbase-listing","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/yearn-finances-yfi-reclaims-40k-after-coinbase-listing\/","title":{"rendered":"Yearn Finance\u2019s YFI Reclaims $40K after Coinbase Listing"},"content":{"rendered":"

Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday.<\/p>\n

The YFI\/USD exchange rate established an intraday high at circa $42,425 following a 13.74 percent rally. The strong upside move appeared despite a lackluster bullish trend elsewhere, with top cryptocurrencies Bitcoin and Ethereum trading under the weight of sellers.<\/p>\n

YFI too experienced a sell-off<\/a> near its session top. Traders booked their intraday profits, causing the cryptocurrency to plunge lower by 8.50 percent during the European session. Nevertheless, a support level lurking around $38,990 protected the price from falling anywhere lower.<\/p>\n

\"yfi,<\/a>
Yearn Finance is looking to reclaim its all-time high. Source: TradingView.com<\/figcaption><\/figure>\n
Yearn Finance is looking to reclaim its all-time high. Source: TradingView.com<\/a><\/pre>\n
YFI\/USD reclaimed some of its intraday profits after establishing its session support level. A continuation in uptrend expects to lead the pair towards its all-time high near $44,003, with a primary bullish target lurking near $50,311.<\/p>\n
Conversely, breaking below the support level risks sending the price towards $35,070, with an extended downside target at $31,993.<\/p>\n
YFI Fundamentals<\/h2>\n
The latest winning round the Yearn Finance market followed YFI’s listing on Coinbase Pro.<\/p>\n
The US-based crypto exchange announced<\/a> earlier today that it is now allowing traders to deposit their YFI tokens into its platform. From Tuesday, trading of the DeFi cryptocurrency will commence. Excerpts from their announcement:<\/p>\n
\n
“Once a sufficient supply of YFI is established on the platform, trading on our YFI-USD order book will launch in four phases, transfer-only, post-only, limit-only and full trading. If at any point one of the new order books does not meet our assessment for a healthy and orderly market, we may keep the book in one state for a longer period of time or suspend trading as per our Trading Rules.”<\/p>\n<\/blockquote>\n
The news served as a milestone or YFI, a cryptocurrency that had already registered a record-setting bull run\u201340X price appreciation\u2013since its launch in mid-July. The rally itself came as “yield hunters” picked YFI for its ability to govern a lending aggregator that was returning $700K in profits<\/a> until late last month.<\/p>\n
Road Before<\/h2>\n
Traders flocked into the Yearn Finance protocol because YFI was practically worthless at the time of its introduction, thus cheaper to hold. But the token was still backing a profitable business model of picking the best-yielding DeFi pools for users and earning an income out of it.<\/p>\n
“Given that most of the participants were already heavily embedded in the DeFi ecosystem, many have shifted their focus to working on Yearn Finance full time,” noted<\/a> Connor Demsey of Messari.<\/p>\n
\n
“With an army of incentivized volunteers, yearn.finance is shipping new features like crazy. As with yearn\u2019s yield-optimizing smart contracts, all of these new features are value accretive to YFI token holders.”<\/p>\n<\/blockquote>\n
That has made traders ultra-bullish for YFI. And with a Coinbase Pro listing, the bias expects to grow further into the year.<\/p>\n
Photo by Jeremy Perkins<\/a> on Unsplash<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"
Yearn Finance’s governance token, YFI, closed above $40,000 during the early trading session on Monday. The YFI\/USD exchange rate established an…<\/p>\n","protected":false},"author":1,"featured_media":4410,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6,55],"tags":[112,28,63,124,95,125,126,127,123,128],"class_list":["post-4409","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","category-daily-crypto-news","tag-analysis","tag-crypto","tag-cryptocurrency","tag-decentralized-finance","tag-defi","tag-yearn-finance","tag-yfi","tag-yfiusd","tag-yfiusdt","tag-yield-farming"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4409"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=4409"}],"version-history":[{"count":1,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4409\/revisions"}],"predecessor-version":[{"id":4416,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/4409\/revisions\/4416"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/4410"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=4409"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=4409"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=4409"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}