First Mover: As Bitcoin Rally Pauses, DeFi Keeps Astounding

First Mover: As Bitcoin Rally Pauses, DeFi Keeps Astounding

Bitcoin (BTC) was lower, after the quick reversal of a brief rally late Monday reportedly spurred by the U.S. Office of the Comptroller of the Currency’s decision to let banks participate in blockchain networks and use stablecoins as payments. 

“Bitcoin has started 2021 with a stark reminder that volatility is the norm,” Matt Blom, head of sales and trading with the cryptocurrency firm Diginex, wrote Monday. 

In traditional markets, European shares dropped after the U.K. imposed a new coronavirus-related lockdown. U.S. stock futures pointed to further losses after the benchmark Standard & Poor’s 500 Index slid 1.5% on Monday, the gauge’s worst start to a year since 2016. Gold rose 0.4% to $1,954 an ounce. 

Market moves

The cryptocurrency subsector of decentralized finance, known as DeFi, is getting hot again. Maybe even hotter than in mid-2020, a timespan so sizzling with fast-paced growth that it became known as the “summer of DeFi.” 

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