Bitcoin Rises for a Fifth Day; DeFi Platform Nears $1B in Total Value Locked

Bitcoin's price gets a boost and a decentralized finance platform sees major growth. You're watching Coin Desk Daily, I'm your host, Jen Sani Bitcoin is headed towards $48,000.01 analyst says its breakout is fueled by a strong track record of gains around the Chinese New Year celebration. Marcus Teen, who is the head of research at Matrix Port and founder of 10 X. Research stated in part quote during the last nine years, Bitcoin has been up, every time traders would have bought Bitcoin three days before and sold it 10 days after the start of the Chinese New Year and quote, this comes as the Coin desk 20 which is the gauge of the biggest cryptocurrencies added 3%. I must say every time Marcus Teen has been on the show, his predictions have been pretty spot on D I platform. Pendle has reached almost $1 billion in total value locked. According to DFI LAMA. The surge in interest comes as the market looks for more opportunities for liquid retaking tokens. Pendle recently also added support for the B and B chain and Real World assets and hopping across the pond. Some crypto advocates are arguing the Bank of England and the Financial Conduct authority should rethink some of their ideas for regulating Stablecoins. The organizations say the prospects treat stablecoin issuers unfairly and harm their ability to earn revenue. Currently, the FC A is reviewing responses to its proposals and will draft a handbook of rules for consultation. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.