The cryptocurrency market has done quite well in the past weeks. However, some stagnation in this price trend has led to BTC retreating below the $45K significant mark created at the beginning of the week. However, this slight decline has not prevented altcoins from making their gains.
Yearn Finance is trading at $38,101 at the time of writing after a 7% gain in 24 hours.
Yearn Finance Price Analysis
Yearn Finance is one of the best performing altcoins in the market. Despite failing to make double-digit gains like some coins have done, it has maintained a steady uptrend since the crypto market rebounded in late July.
YFI managed to reach the $40K, a promising move for the token, but it failed to maintain this level. The current retreat to $38K could be gearing up the coin for yet another bull run, with the next resistance lying at $41K. Reaching this level could place the token on the verge of setting a new two-month high.
On the other hand, the upswing could fail momentarily, in which case YFI will retreat to the next lower support level of $36K. However, it will still be at a bullish zone here, given that at the start of the current crypto market rebound, YFI was trading at around $25K.
SEBA Bank, a Swiss-based regulated bank, will be adding Yearn Finance to its existing support of tokens that institutions can manage and store. The bank will be adding YFI alongside other tokens like LINK and AAVE, aiming to give institutional investors exposure in DeFi.
DeFi platforms have been under the US Securities and Exchange Commission (SEC) radar for a while now because of their accelerated growth. This boom has necessitated the need for regulations to protect investors. The need for these regulations was strengthened by the recent report by CipherTrace stating that DeFi crimes have hit a seven-month high.
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