Chinese Demand For DeFi On The Rise – September 8

πŸ“ˆ 30 Second Cryptocurrency Price Summary

Current Bitcoin Price:Β $10,093

Bitcoin price has bounced from sub-$10,000 levels yet again, following another test of recent lows overnight.

Top-20 altcoins are looking healthier over the last 24 hours of trading, as Ethereum and XRP each rise 1%, while Binance Coin gains 5% and TRON jumps 12%.

Top Stories for September 8, 2020 πŸ”₯

πŸ‘‰ Chinese Demand For DeFi On The Rise

Chinese interest in decentralized finance (DeFi) appears to be on the rise, with local exchanges seeing mass withdrawals for DeFi uses.

Searches on WeChat – a popular Chinese social media platform – has observed a record number of daily searches for the term “DeFi” this month, almost doubling the previous record.

DeFi assets have seen a large drop over the last few days, however, with total locked value falling falling over 20% from all-time highs.

πŸ‘‰ Korean Exchange Bithumb Raided By Police For Second Time This Week

South Korean cryptocurrency exchange Bithumb has been raided by police for the second time in a week, seizing evidence related to a fraud case.

The first raid occurred last Wednesday, however the latest raid targeted offices from the exchange’s parent company, Bithumb Holdings.

Both raids were linked to a $25 million token sale and proposed acquisition which never transpired.

πŸ‘‰ Swerve Finance Reaches 40% Of Curve Locked Value

Swerve Finance – a fork of DeFi project, Curve – has reached 40% of Curve’s total value locked within just four days since launch.

Total deposits in swerve have reached a substantial $415 million, compared to Curve’s $1 billion.

Trading volumes are still significantly higher on Curve, however, with $160 million per day vs. Swerve’s $13 million.