DeFi’s Critical Correction Could Drag Bitcoin Lower, Analyst Says

While Bitcoin has been relatively stagnant over recent days, top coins in the decentralized finance have been undergoing strong corrections. While Bitcoin has been relatively stagnant over recent days, top coins in the decentralized finance have been undergoing strong corrections.

Analysts think that the weakness in DeFi may not bode well for Bitcoin and other top cryptocurrencies. No explicit analyses have been done to confirm if Bitcoin and DeFi correlated, but it’s worth noting that Qiao Wang, former Messari head of product and a crypto trader, recently commented: DeFi rallying over the long run, assuming all segments of the crypto market are correlated, would likely drive interest in Bitcoin and other top cryptocurrencies.

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