Yearn Finance Price Crashes 43% in 5 Hours, Triggering Altcoin Selloff as Bitcoin Trades Sideways
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Yearn Finance (YFI) price crashed 43% in 5 hours, wiping out 5 days of gains. Over $2M in longs liquidated.
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Profit-taking in altcoins likely to trigger double-digit losses for many. Bitcoin trading sideways around $36K.
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YFI rallied 167% Nov 8-17 before crashing. 40% increase in futures open interest suggests shorts triggered crash.
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Altcoin gains the past weeks mainly due to ETF approval hype. With SEC delay, investors likely to take profits.
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