search icon
      blog search icon

      What is dydx (DYDX) – The new Exchange Platform - Stocks Telegraph

      By Ammar Mukhtar

      Published on

      December 8, 2021

      5:53 AM UTC

      What is dydx (DYDX) – The new Exchange Platform - Stocks Telegraph

      The purpose is the same across all exchanging platforms. To create a system that attracts the largest number of users and makes them feel safe and in control of their assets, as well as to offer the financially disadvantaged the tools and products they need to conduct fair financial transactions. The dYdX platform is one platform that is working on this.

      Cryptocurrencies currently have the same monetary worth as actual money, thanks to their decentralized and privacy features. The aforementioned feature frightens regulatory authorities, especially those in first-world countries. As a result, a hostile environment has arisen around institutional perceptions of cryptocurrency. China is a recent example of a country that has outlawed all crypto-related activity.

      China is a huge market, and crypto took a hit as a result. However, the Chinese government’s tough stance merely encouraged investors to move their assets to a different platform, as “shutting down crypto” is nearly impossible. Nonetheless, decentralized financing (DeFi) products such as those offered by dYdX were the new direction in which the Chinese crypto-market evolved. This is evidenced in the fact that dYdX’s trading volume had surpassed that of Coinbase. That is significant. And, as the government continues to impose restrictions rather than embrace change, the move will become a common tendency among all types of investors.

      Price Movement

      At the time of writing DYDX is being traded at the price of $9.02 with an increase of almost 9.32% in the last 24 hours. DYDX is a really strong token fundamentally. The maximum and minimum today are $9.53 and $7.94 respectively. The daily trading volume has also decreased by almost 15.14%. The price had created its ATH in September 2021 and reached a price of almost $27.85. The next three months after September has been bearish. This month alone, we have seen a decrease of about 28.65%.

      Price Prediction – DYDX

      According to traders, we can expect growth in the price in the future. On the other hand,  wallet investor thinks that DYDX is a bad investment. According to them, in one year, DYDX would be worth around $0.439.

      More From Stocks telegraph