The crypto market had been slowly but surely recovering from its then-latest crypto crash earlier this year when the likes of Bitcoin (BTC) and Ethereum (ETH), the two biggest cryptocurrencies in the world, dropped by more than 10%.
However, in June 2022, the cryptocurrency economy found itself in a similar situation after the market suffered a massive dip with the likes of Bitcoin and Ethereum dipping more than 23% and 35% in the last seven days, respectively.
The Federal Reserve could reportedly raise the interest rate to 1.25%-1.50% next week and the spread of that news in turn caused the crypto sell-off.
Most cryptocurrencies especially the major ones like Binance Coin (BNB) and Polkadot (DOT) experienced some sort of free-fall throughout the crypto sell-off while cryptocurrency newcomers like CashFi (CFI) enter the space with grand plans on how to revolutionise their respective sectors of the digital asset industry.
CashFi (CFI) Has Big Plans For DeFi
CashFi (CFI) is a liquid staking DeFi (decentralised finance) protocol that provides its users with access to different asset classes through its unique fee-sharing approach.
Built on the Ethereum blockchain, the CFI token is at the centre of the CashFi ecosystem and provides investors with several benefits and rewards such as staking, NFTs and governance of the CFI token.
The liquid-staking form of CashFi not only allows users the opportunity for instant access to their tokens but also allows these investors to unlock liquidity for a higher yield by staking their CFI tokens.
With the launch date of CFI scheduled for September 26th this year, the next few months leading up to the launch will be extremely important for the CashFi team to spread their message on what they plan to do in the DeFi market.
Binance Coin (BNB) Heavily Affected by the Latest Crypto Dump
As one of the biggest cryptocurrencies in the world, amassing a market cap of almost $37 billion, this situation is certainly not a new one for Binance Coin (BNB) and one they’ve adapted to in the past.
Currently priced at $225.83, at this time of writing, BNB’s current price is over 67% down from its all-time high of $686.31, a total that was reached in May 2021.
While many in the community may feel skittish about buying crypto in the current state of the market, the phrase “buy low, sell high”, is known for a reason.
BNB has the advantage of being backed by Binance Exchange, the biggest cryptocurrency exchange in the world and if any coin can rebound from several crypto crashes in the same year, it’s BNB.
Polkadot (DOT) is on the Right Track After a Significant Dip
Similarly to Binance Coin, since Polkadot’s (DOT) launch in 2020, it has become one of the biggest and most influential cryptocurrencies in the space and despite challenges in the market, DOT has remained relevant.
As an open-source blockchain platform, DOT has been labelled as an “Ethereum-killer” due to its prioritising of interoperability, security and scalability.
DOT’s current price is almost 90% down from its all-time high that was reached just seven months ago in November but DOT is already 0.2% up in the last hour and while that may seem minimal, it’s a key sign that DOT is already on the right track.
More information on CashFi (CFI):
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