Welcome back to the Trader Top 9! As decentralized exchanges begin to take attention away from centralized giants like Coinbase, the broader markets turn down, validating the relevance of bitcoin once more.
9. Coming into this week, we had been consolidating around a narrative of strong signals - from prices to M&A.
8. Of course, a huge factor driving the bullish sentiment has been the rise of DeFi, one of the most dramatically fast moving areas on the industry.
7. The leading DeFi exchange even flippened the US leading exchange by 24 hour volume
6. What’s more, there is a growing argument that, despite rising gas fees, DeFi is great for ETH
5. At the same time, some see DeFi as shadows of 2017.
4. Still, some have levied accusations that, in light of DeFi, bitcoin has gotten boring.
3. But as the market crashes and people hear the rev of the money printer, that core argument for bitcoin has gotten stronger
2. The recent price dip in bitcoin is seen, if anything, as a way to shake out weak hands