Crypto’s post-Fed hike bid extended into Friday, with decentralized finance (DeFi) and layer-2 tokens taking over from privacy and haven assets that led Thursday’s gains, a rotation that demonstrates a return to risk-on trading.
Bitcoin rose above $78,000 during the European morning, adding 2.1% since midnght UTC and 1.9% over the past 24 hours. It’s still 5% below the Sept. 4 monthly high of $82,284 after two weeks of range-bound price action.
While all but two CoinDesk 100 constituents were higher on the day, the focus is on the DeFi Select Index (DFX). That accelerated the fastest, surging by 8.3% since midnight and 16% over the past 24 hours.
Market gains follow a more conducive macro backdrop. The 10-year Treasury yield…
