Huobi’s announcement that it will close the accounts of its former customers from China has brought blood to the market. We have observed that Bitcoin has retraced up to $40750. With the withdrawal in Bitcoin, the losses in altcoins reached 20%.
During the dump, we see that the dominance of Bitcoin in the market has also increased. For this reason, we observe that the reactions in altcoins are slower than Bitcoin.
We observed that a DYDX rose 30% during the dump at the market. We see that investors using the Huobi exchange transferred their funds to the decentralized finance area.
DYDX is a decentralized borrowing protocol built on Ethereum. The project, which offers lending-lending and staking services for cryptocurrency investors, has been very popular in recent days.
The fact that the project also mediated leveraged transactions took it a step forward. DYDX, which is among the leading projects of Ethereum L2 solutions, has become very popular after the last action of the Huobi exchange.
The Huobi exchange was an important exchange serving Chinese customers. Investors who invest here are expected to turn more towards the decentralized finance area in order to continue to trade safely without being under pressure from China.
*Not Investment Advice.