The expert spoke about hacking of DeFi projects, and the price of BTC overcame the level of $50,000

Expert: DeFi industry is “still too young”

Loud hacks occur on the decentralized finance market every month. According to Matt Hogan, financial director of Bitwise, this is due to the fact that the field is “still too young.”

“Whenever there is a major crack, professional investors and the cryptocurrency industry mark them up to constantly remind themselves that the industry is still extremely young and risky,” said the cryptoexpert.

Hogan pointed out that the threat of hacks in the DeFi industry is still too great. Especially when you consider the total capitalization of this market.

“I think it’s these risks that lead to institutional investors trying to work with big, proven brands,” Hogan says.

BTC cost has overcome the level of $50,000

Today, August 23rd, the value of bitcoin has risen above $50,000 for the first time since the decline in May this year. According to Coinmarketcap, BTC is worth $50,430.

Over the past 24 hours, the main cryptocurrency has risen in price by 2.7%, over the week — by 6.2%. BTC capitalization is $946.8 billion.

According to Viktor Pershikov, an analyst at 8848 Invest, in the near future, the price of bitcoin will not return to the level of $30,000. Nevertheless, it is better for crypto investors to prepare for a 15–20% drawdown, as there is a possibility of a correction to the $40,000 mark.

Evolution Mining top manager says “BTC volatility makes gold even more attractive”

Jake Klein, CEO of Evolution Mining, is confident that the main cryptocurrency does not pose a threat to gold. And the volatility of BTC makes gold even more attractive.

Klein believes that by criteria such as “durability and safety”, the first cryptocurrency is still far from a valuable metal.

“Cryptocurrencies are running a massive amount of speculative money. I think that the volatility in the crypto space is going to ultimately lead to people coming back to gold,” said Evolution Mining CEO.

We would like to remind our readers that earlier analyst Mike McGlone expressed the opinion that BTC will replace gold in the future.