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<p>The post <a href="https://coinpedia.org/news/yfi-token-in-freefall-37-drop-and-4-7-million-liquidations-in-24-hours/">YFI Token in Freefall: 37% Drop and $4.7 Million Liquidations in 24 Hours</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<ul> 
 <li>YFI token plummets over 37% in a day, triggering $4.7 million in liquidations.</li> 
 <li>Trading data shows divided investor sentiment with fluctuating long and short positions.</li> 
 <li>Recent severe drop in YFI’s value underlines the crypto market’s unpredictability and risks.</li> 
</ul> 
<p>Yearn Finance (YFI) token has experienced a significant market downturn. Data from <a href="https://www.coingecko.com/en/coins/yearn-finance">CoinGecko</a> reveals that within the last 24 hours, YFI’s value plunged over 37%, a staggering loss that sent ripples through the cryptocurrency community. This sharp decline resulted in more than $4.7 million worth of liquidations, underscoring the crypto market’s volatility.</p> 
<h2 class="wp-block-heading" id="h-analyzing-the-impact"><strong>Analyzing the Impact</strong></h2> 
<p>YFI, known for its significant role in the DeFi (Decentralized Finance) sector, has seen a fluctuating journey. After reaching a remarkable high of $91,000 during the bull market of 2021, the token faced a severe price correction, dropping to a yearly low of $4,500. This recent price movement, however, marks a new low for the token, raising concerns among investors and traders alike.</p> 
<p>The current trading activity surrounding YFI has been intense. Contracts for the token once soared to a value of $160 million, indicating a strong market presence. Yet, the latest downturn has seen a significant decrease in positions across major trading platforms. The derivatives data for YFI shows a complicated picture, with a mix of long and short positions, suggesting a divided sentiment among traders.</p> 
<p>Binance and OKX have reported varying long/short ratios for YFI. While Binance’s YFI/USDT pair shows a top trader long/short ratio of 1.7785, OKX’s data points to a slightly less optimistic 1.61. These figures indicate the traders’ divided stance on the token’s future.</p> 
<h2 class="wp-block-heading" id="h-a-closer-look-at-the-liquidation"><strong>A Closer Look at the Liquidation</strong></h2> 
<p>The 24-hour period saw a total of $5.04 million in YFI liquidations, with long positions bearing the brunt of the impact at $3.47 million. Short positions, meanwhile, faced a significant but comparatively lower amount of $1.57 million in liquidations. This data highlights the high-risk environment that YFI traders are navigating.</p> 
<p>The current market situation for YFI is complex. After rallying to $11,000 just last week, the token faced a quick rejection, indicating strong bearish control. Although there was a breakout from its downtrend, reaching a high of $9,000, the recent plummet has undone much of this progress. At the time of writing, YFI’s value stands at $9,153, down by 37% in the past twenty-four hours.</p>

YFI Token in Freefall: 37% Drop and $4.7 Million Liquidations in 24 Hours

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