Bitcoin is under drop pressure today, trading near its lowest level this month. The sustainment decline, subdued market activity, and falling transaction numbers over the past couple of weeks have so far failed to ruffle the majority of retail holders clinging to BTC. The entire market has been on a cliff edge trading between a tight range over the past weeks with a gradual downtrend in trade. $30,000 level has been widely seen as the last cliff edge from which it once fell but managed to climb back.
The upside trend quickly ran out of steam as all breakouts were sold sharply, especially above $32,000. Bitcoin is stuck in a month-long downtrend as traders experienced sale waves over the past few days. The breakdown below $30,000 has become a fact, given the loss of upside momentum and strong resistance on the current chart. This could be the last major support zone and bulls must hold it to prevent more downside.
Grayscale Investments LLC is launching its new investment product, a DeFi fund, and index focused on the growing decentralized finance (DeFi) sector, targeting DeFi tokens such as Uniswap (UNI) and Aave (AAVE) for its institutional customers. The new fund will be based on a DeFi-particular index created by CoinDesk’s TradeBlock. The index tracks 10 DeFi blue chips namely Uniswap (UNI), Yearn Finance (YFI), Bancor (BNT), Aave (AAVE), Synthetix (SNX), MakerDAO (MKR), Compound (COMP), SushiSwap (SUSHI), Curve (CRV), and UMA Protocol (UMA). Grayscale intends to issue shares of this new product quoted on a secondary market. However, there is no guarantee this will be successful. Although the shares of certain products have been approved for trading on a secondary market, investors in this new product should be prepared to bear the risk of investment in the shares indefinitely.