BlockFi announced changes to their interest rates for the first time time in months. Some for the better, some for the worse.
The biggest changes come to Bitcoin (BTC), with Gemini Dollar (GUSD) and Litecoin (LTC), unchanged.
Bitcoin's new interest rate for those lending up to 10 Bitcoin will be 5.1%, instead the current 6.2% for those loaning up to 5 Bitcoin.
Ethereum is taking a similar cut to 3.6% on loans up to 500 ETH from the existing 4.2% for lending up to 1,000 ETH.
If you're lucky enough to hold more than 5 Bitcoin, you'll see an increase from 2.2% to 3.2% and Ethereum holders will see a very healthy bump from 0.5% to 2% for those holding 500 Ethereum or more.
Rates for litecoin (LTC) and Gemini dollar (GUSD) will remain unchanged, according to BlockFi
The reason for these changes are because the market is starting to "position more bullish" according to BlockFi
CEO, Zac Prince.
“As market conditions change, particularly price sentiment, this has an effect on the prices in the crypto borrowing market which is a big driver of rates that BlockFi can offer to our clients,” Prince said.
“Our rates are still way ahead of alternative options and we remain the only retail-focused interest-earning platform that is US-domiciled/regulated, institutionally backed and doesn't have a utility token,” Prince said.
To see how this stacks up against the competition, take a look at our comparisons here