BTC hits 12k again, WBTC locked in DeFi hits $400 million
Within the last 24 hours BTC have reached 12k a few times and pulled back to the 11k region.
It is not looking like Bitcoin will be retracing back to 10k any time soon, so many bullish momentum keeping the price above 10k at the moment.
At the time of writing this post BTC is currently $11,879.75 according to Coingecko
Wrapped BTC aka WBTC locked in DeFi has hit a new high of 33,762 WBTC. At bitcoin’s current price this puts the total value of WBTC to about $400 million. The implications of this are many and the key factors are addressed in this article.
Source
With DeFi's craziness far from the peak by the look of thing, and Wrapping of coins and tokens is on the rise in order to relate with the Ethereum blockchain having $400 million WBTC locked in DeFi and supposedly that figure growing is bullish for BTC.
We probably might be ending 2020 with bullish sentiment if this DeFi craziness goes on like this.
Cheers.
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Bitcoin can like to drop faster than a mango from a mango tree...presently at 11k4 now.
I think these yielding guys are killing Ethereum for real. Will they just let it breathe for a second! Jeez....
I did a $70 transaction on Ethereum yesterday and paid $8, I don't remember ever paying that much on BTC transactions.
Hopefully BTC stays above 11k to maintain the 11k-12k momentum for a push further.