Cryptocurrencies
DeFi Crash Accelerates With Some Once-Hot Investments Losing 50%
- Scores of tokens have lost more than 50% over past 24 hours
- Bitcoin breaks below $36,000 as sentiment sours once again
Source: Uniswap
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Cryptocurrencies sold off as a crash in tokens used in decentralized-finance applications accelerated, deflating the value of some once-hot investments by more than 50%.
DeFi coins, which gained popularity this year to become one of the hottest sectors in the already volatile market, came back down to earth Friday. Tokens including Galaxium and Crypto Village Accelerator have each lost more than 60% over the past 24 hours, according to data from CoinMarketCap.com. More established ones, such as Uniswap -- which is one of the best-known in the space -- lost roughly 7%, while Chainlink retreated 8%.