YFI price soars to $38,800 hitting $1 billion market cap — Can it go higher?
One week in review:
Aug. 24–30 We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news: | | #1. YFI price soars to $38,800 hitting $1 billion market cap — Can it go higher? | | | YFI surged by more than 75% in 24 hours — achieving a new all-time high of $38,883. (Prices have cooled since then, falling to $29,876 at the time of writing.) | | | DeFi enthusiasts remain upbeat about YFI, pointing to Cronje's fast-paced product releases as a positive long-term catalyst for YFI. And over the long term, some analysts believe yearn.finance could achieve a valuation of several billion dollars. One of them, Tyler Reynolds, says $500,000 YFI is possible — and this would equal a $15-billion market cap. | | | There are long-term dangers. Cronje is under significant pressure to consistently release new products and features — and like all DeFi tokens, declining yield is also a danger. | | #2. History shows Bitcoin price may take 3–12 months to finally break $20,000 | | | Bitcoin's price showed weakness in recent days — but still managed to show resilience as bears failed to push it below $11,200. And now, a new analysis suggests that if BTC remains stable for several more months, it could set the groundwork for an explosive rally — as seen between 2016 and 2017. | | | The price of Bitcoin was at a mere $3,596 on BitMEX on March 13. Within six months, BTC has recorded a 220% upsurge, outperforming most traditional assets and indices. But the steep vertical rally could raise the chances of whales and large individual Bitcoin hodlers taking profit — and this could result in a deep pullback. | | #3. "I would never invest one cent in Bitcoin," says Ryanair CEO | | | A bogus article on a fake news outlet claimed that, on a late-night talk show, O'Leary shocked the audience by showing how much money he was making through a scheme known as "Bitcoin Lifestyle." | | | Asked by The Times of London whether the advert was legitimate, the entrepreneur issued a vociferous denial — reserving his ire for the crypto, rather than the crypto scammers. He said: | | | "I have never, and would never, invest one cent in Bitcoin, which I believe is equivalent to a Ponzi scheme. […] I would strongly advise everyone with any shred of common sense to ignore this false story and avoid Bitcoin like a plague." | | #4. Prediction of the Week Bitcoin price to $500,000: Winklevoss lays out ultimate bullish case | | | Bitcoin billionaire Tyler Winklevoss believes the ultimate bull case for Bitcoin means reaching a target of $500,000. He believes BTC could overtake gold as the global market's leading safe-haven asset. Since the market capitalization of gold is estimated to be $9 trillion while Bitcoin is valued at around $200 billion, this could leave a 45-fold upside. | | | Winklevoss provided an infographic that showed BTC has multiple advantages over gold. This cryptocurrency's supply is fixed at 21 million — and while gold is scarce, its true supply is unknown. Bitcoin is also divisible, difficult to counterfeit and relatively inexpensive to store, all things that the precious metal can't compete with. | | #5. FUD of the Week A major dark web marketplace has been offline for days, and no one knows why | | | Empire Market suddenly went offline this week — prompting customers to raise concerns about whether a distributed denial-of-service attack was to blame… or something more sinister was afoot. | | | Rumors began circulating on Reddit that the major dark web marketplace could be preparing for an "exit scam" — a scenario where a company disappears with customers' funds with little to no warning. | | | If it is an exit scam, it could damage trust in darknet marketplaces. According to the cyber risk protection firm Digital Shadows, Empire had 55,000 listings and processed about $6.5 million a week. | | #6. FUD of the Week Ministers used influence to pilfer millions in alleged Ponzi scheme | | | The SEC has alleged that three people used their influence in churches to raise $27 million from approximately 1,200 investors. Legal filings claim John Frimpong, Dennis Jali and Arley Johnson had described themselves as experts in crypto and forex — advertising gains of between 6% and 42% per month or financial quarter. | | | Although earlier investors were paid back at times to ward off suspicion, it's alleged that the defendants ended up spending the money on themselves. Johnson claimed to be a minister, while Jali reportedly pastored at seven church locations. | | Feel free to explore the most important news with Hodler's Digest by Thomas Simms:
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