Aave leads DeFi higher as crypto shrugs off surging bond market
- Bitcoin recovered Monday's losses to trade at $84,170, up 0.82% since midnight UTC, with the CoinDesk 100 adding 0.89% to 1,904.49.
- DeFi led again, the DeFi Select Index up 5.0% on aave's 11% rise, after Stani Kulechov said a token burn may form part of the coming Aavenomics upgrade.
- The gains came despite the 10-year Treasury yield at 5.234% and the 30-year near a 2004 high, which drove U.S. stocks lower for a second session on Monday.
Bitcoin BTC$84,117.13 recovered Monday's losses to trade at $84,170 on Tuesday, up 0.82% since midnight UTC and 1.4% over 24 hours, with 72 of the 100 CoinDesk 100 constituents higher and the index adding 0.89% to 1,904.49.
The bid is arriving despite conditions that have been suppressing risk assets for a week, the 10-year Treasury yield sitting at 5.234% after ending Monday above 5.2%, near levels last seen in 2007, and the 30-year at 5.549% having topped 5.56% on Monday, around a 2004 high.
U.S. stocks fell for a second session on Monday, the Dow dropping more than 300 points and the S&P 500 and Nasdaq Composite shedding 0.8% and 0.9%, with futures mixed on Tuesday morning.
Decentralized finance (DeFi) is driving the move for the second time in a week, with the DeFi Select Index (DFX) gaining 5.0% since midnight, led by lending protocol token aave AAVE$149.48 at 11% and curve dao token CRV$0.3457 at 5.2%. The CoinDesk 80 rose 2.0% against the CoinDesk 5's 1.3%, though the ranking inverts over 24 hours, where the CD5's 1.7% beats the CD80's 0.44%.