This DeFi Altcoin Dropped 40 Percent! What is the reason?

While the general rise in Bitcoin (BTC) and altcoins is slowing down, some altcoins are experiencing sharp and sudden declines.

One of these altcoins was yearn.finance (YFI), the popular DeFi altcoin listed on Binance.

At this point, YFI shocked the investors in the market with its decline of more than 40% and dropped to the level of 8200 dollars.

This DeFi Altcoin Dropped 40 Percent! What is the reason?

While the general rise in Bitcoin (BTC) and altcoins is slowing down, some altcoins are experiencing sharp and sudden declines.

One of these altcoins was yearn.finance (YFI), the popular DeFi altcoin listed on Binance.

At this point, YFI shocked the investors in the market with its decline of more than 40% and dropped to the level of 8200 dollars.

YFI became one of the shining stars of the market with its rise since November 8, reaching up to $ 15,900 in about 10 days.

Although the reason for this sudden drop is not exactly known, it is said in the community that the yearn.finance team made a large amount of sales.

Apart from this, Lookonchain pointed out the 40% decline in YFI and said that there were whales selling YFI.

The decline in YFI also left investors in long and short positions upset. According to data received from Coinglass, there was a liquidation of $ 4.04 million in YFI futures positions in the last 24 hours.

Of these liquidations, $2.88 million consisted of long positions and $1.16 million consisted of short positions.

YFI continues to trade at $9,161 at the time of writing.

*This is not investment advice.#WhaleAlert #Binance #Airdrop #CryptoTechnology #CryptoWhaleWatch $BTC $ETH $BNB