Market Wrap: Bitcoin Drops to $10.2K; Scaling Solution xDai Doubles in Value Locked

The bitcoin market continues to display weakness; xDai total value locked shows interest in Ethereum scaling solutions. (Skew) As the bitcoin market remains tepid, the U.S. Dollar Index, a measure of the greenback versus a basket of other fiat currencies, is bouncing back from 2020 lows, in the green 0.40% as of press time.

(St. Louis Fed) As for bitcoin’s tepid performance the past few days, a loss of momentum for decentralized finance, or DeFi, this week may partially be to blame for a lackluster crypto market. xDai value locked doubles The second largest cryptocurrency by market capitalization, ether (ETH), was down Wednesday trading around $327 and slipping 4.7% in 24 hours as of 20:00 UTC (4:00 p.m. EDT).

Timeline of Ethereum, Xdai, Ultracoin