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Bitcoin maxis DeFi ideology as BTC tokenized on Ethereum tops $1B

After failing to hold the $11K mark and exposing what some analysts have described as a general apathy to trade BTC at these levels, Bitcoin (BTC) price is once again flirting with $11,000. 

As suggested by Cointelegraph contributors Marcel Pechman and Micheal van de Poppe, a move above $11K is not a deeply significant milestone as the confluence of multiple factors, including looming overhead resistance and low trading volume decrease the likelihood that the digital asset will breakout once above $11K.

Cryptocurrency daily market performance snapshot. Source: Coin360

The supposed lack of interest from traders can possibly be attributed to other big developments taking place in crypto. As Cointelegraph reported, decentralized exchange, UniSwap, airdropped 400 UNI tokens to every user who had provided liquidity before the start of September. 

Many crypto advocates and pundits have pointed out that UniSwap’s helicopter money is bigger than the $1,200 economic stimulus check the U.S. government distributed to citizens at the behest of the Trump Administration. 

Let’s also add that it didn’t take months for UniSwap users to receive their UNI, whereas today there are Americans who are yet to receive their stimulus check.  

Bitcoin tokenized to Ethereum tops $1 billion

Another milestone worth noting is the value of Bitcoin tokenized on Ethereum crossed above $1 billion this week. This highlights the overwhelming interest and demand from Bitcoin holders desiring to interact with DeFi protocols. 

BTC locked in DeFi. Source: DeFi Pulse

Given that Bitcoin price has spent the last 2 months struggling to knock out the $12,000-$12,500 resistance level, clever traders who are long on BTC have wrapped their coins to either become liquidity providers in incredibly lucrative liquidity pools or investors in successful DeFi tokens like YFI, YFL, LEND, REN to name just a few. 

BTC locked in WBTC. Source: DeFi Pulse Continue on cointelegraph.com

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