Supply of Tokenized Bitcoin on Ethereum Now Tops $1.1B: Here’s Why
The supply of BitGo’s wrapped bitcoins (WBTC) topped 76,000 after setting an all-time record of nearly 21,000 WBTC minted within one week. Here’s why.
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More than $6 billion worth of Bitcoin is now tokenized on Ethereum as WBTC. One percent of Bitcoin’s circulating supply is currently tokenized as Wrapped BTC (WBTC), equating to nearly $6.2 billion worth of BTC. The milestone was acknowledged by the product manager of crypto custody firm BitGo, Kia Mosayeri, who tweeted the news on June 7. BitGo is the custodian for the Wrapped Bitcoin protocol, which was launched its Bitcoin-backed ERC-20 token WBTC on Ethereum in January 2019.1% of all BTC has been wrapped into $WBTC! https://t.co/jOi0LZZUyi— WBTC (@WrappedBTC) June 7, 2021 According to....
Bitcoin, although a powerful and disruptive financial technology, at its core, is mere mathematics. Its code is what keeps the network operating, its supply hard-capped at 21 million BTC, and much more. But could that computer code and supply mechanism also help provide clues to when the crypto market tops and bottoms? According to a […]
The amount deposited represents 2.67% of Ethereum’s total supply.
The Global M2 Money Supply has been on the rise over the last year, reaching new peaks in the process. This chart was widely applied to the Bitcoin price as analysts believed that it projected Bitcoin reaching new peaks. So far, the Bitcoin price has already climbed to $124,400 with the money supply chart, and now, analysts are applying the same Global M2 Money Supply chart to the Ethereum price, showing that the altcoin could land at 5-figures soon. What The Global M2 Money Supply Says About Ethereum Price Crypto and market analyst Ted Pillows has taken another route when it comes to....
With a market cap now over $1.5 billion, Wrapped Bitcoin (WBTC) makes up 80% of the total BTC held on Ethereum. Wrapped Bitcoin (WBTC) reached all-time highs today in terms of market capitalization and number of tokens.WBTC is the most popular version of Bitcoin tokenized for use on the Ethereum network. According to the official website, there currently is a record total of 116,885 WBTC, backed by an equal number of BTC held by custodians. The market cap of WBTC now tops $1.58 billion.This makes WBTC Ethereum’s sixth-largest token by market cap, after Crypto.com Coin (CRO), USD Coin....