DeFi Carnage: Ethereum Coins Aave, Yearn.finance, Uniswap, Synthetix Dive 20%

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Top Ethereum-based altcoins are plunging as the price of Bitcoin fails to react positively to the $11,000 resistance. BTC is down 4% in the past 24 hours while Ethereum has shed 8%. Most top altcoins on Ethereum, such as Yearn.finance and Aave’s LEND, are down over 20% in the past 24 hours. This move was not unexpected, especially as there are some fundamental trends set to supress DeFi in the medium term. Top Ethereum-Based Coins Plunge Amid Bitcoin Pullback Ethereum-based Aave’s LEND, Yearn.finance (YFI), Uniswap’s UNI, and Synthetix Network Token are among the top DeFi tokens that have retraced by over 20% in the past 24 hours amid Bitcoin weakness. This move was predicted by a crypto trader multiple days ago. As reported by Bitcoinist previously, one prominent Bitcoin analyst commented that if Ethereum slipped under $250, DeFi altcoins could drop over 20% in a day: “Super important Level for…

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