Cryptocurrency prices have been volatile in the past 24 hours, following a massive sell order on the major crypto exchange Binance and the release of U.K. inflation data. Bitcoin (BTC) prices fell from beyond the $30k threshold and fell as low as $29,045, while Ether (ETH) was trading for less than $2,000 after trading above this level for the past week. Decentralized finance tokens also decreased, with Uniswap's UNI, Aave's AAVE, and Maker's MKR dropping by 6%, 7% and 5% respectively. Meanwhile, the CoinDesk Market Index (CMI) showed an overall 3% decrease.

The sell order on Binance seemed to contribute to the market's decline, although market information provider The Tie's co-founder and CEO Joshua Frank highlighted that Decentralized Finance (DeFi) accounts for a small percentage of the overall crypto market capitalization. With regulatory scrutiny and concerns around DeFi security increasing, institutional adoption is expected to be delayed.

Elsewhere, in the traditional markets, equities were relatively flat, with the S&P 500 down and the Nasdaq up. The 2-year Treasury yield, a gauge of near-term interest rate expectations, rose by 6 basis points to 4.26%. According to the CME FedWatch, there is an 83% chance that the Federal Open Market Committee (FOMC) will increase interest rate by 25 basis points in May.

Overall, the recent sell order on Binance and U.K. inflation data have led to cryptocurrency prices taking a tumble in the past day. Despite this, the 2-year Treasury yield rose and the probability of the FOMC increasing interest rates in May is still high. Moving forward, it will be vital to observe how Decentralized Finance is affected by increasing regulatory scrutiny and the overall market sentiment.



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