Trading

Traders have increasingly favored these networks over Ethereum for their lower transaction fees and faster speeds.

Both tokens rose 3%, bitcoin and ether added as much as 1.2% and bnb (BNB) rallied 1% after staving off concerns about contagion risks in the BNB Chain ecosystem.

Called Streaming Swaps, the feature is designed to improve capital efficiency for decentralized finance users who want to execute large trades.

One analyst pointed out the $27,000 level could be a short-term target for bitcoin amid the lack of positive news.

Next week’s U.S. central bank interest rate decision and the bitcoin options expiry are unlikely to move markets, which have been stuck for weeks.

The lending platform is on track to remove some $7 million of MKR governance tokens from the market in the next month, according to blockchain data.

Some selling pressure may have arisen from a revised U.S. bill that excludes a host of traditional securities from the "digital asset" category, which some say bodes ill for DeFi.

Tech stocks such as Tesla and Netflix, which crypto prices tend to correlate with, sold off during the day as investors shied away from risk assets.

Bitcoin’s stall despite a recent wave of positive crypto news is a cause for concern, one observer said.

Open interest on XRP-based futures contracts crossed the $1.1 billion mark in the past 24 hours.