Major correction for DeFi as Bitcoin rejected again above $40K: What’s next?

Cointelegraph

Published Feb 07, 2021 06:00AM ET

Updated Feb 08, 2021 09:00AM ET

The decentralized finance or DeFi market saw a steep correction over the last 12 hours as Bitcoin (BTC) was unable to break the $41,000 level.

Meanwhile, analysts say that the profits from major DeFi tokens are flowing back into Bitcoin, even though the DeFi market is still lagging behind despite BTC’s recovery over the past week.

1-hour candle DeFi index (Binance). Source: TradingView.com
ETH/BTC 1-hour candle price chart (Binance). Source: TradingView.com

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