Market Wrap: Bitcoin Fails to Reach $16.5K; Wrapped BTC Hits $2 Billion
Bitcoin’s price is climbing for the third straight day as more of the cryptocurrency is locked into the Ethereum network.
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Wrapped Ethereum is now available on Tezos. The cryptocurrency space just became a little bit more interconnected after developers created a cross-chain bridge between the Ethereum and Tezos blockchains. Following the launch of the WRAP Protocol, created by Bender Labs, Ethereum-based ERC-20 and ERC-721 tokens can be made Tezos-compatible, allowing ETH holders to interact with the Tezos ecosystem.Token wrapping has become a common way of connecting the users of disparate blockchain platforms, and is perhaps best exemplified by Wrapped Bitcoin (WBTC), which is an ERC-20 version of Bitcoin....
Three months ago, there were 441,546 wrapped or synthetic bitcoins on the Ethereum and Binance Smart Chain worth $17.45 billion using exchange rates on April 24, 2022. Since then, that number has dropped by 53,582 synthetic bitcoins and today the number of wrapped or bonded bitcoins is approximately 387,964 worth $8.81 billion in value.
Number of Wrapped or Synthetic Bitcoins Held on Ethereum Declines
In the last few years the use of wrapped, bonded or synthetic bitcoins has increased a great deal and earlier this year there were close to half a million synthetic bitcoins held....
Bitcoin’s price closed in on $16,000 before losing steam while over $20 million in ether is already staked for the Ethereum 2.0 upgrade.
Bitcoin’s price is on a rising trend for the first time this week.
The last time bitcoin’s closing price was under $30,000 was Jan. 1, according to CoinDesk 20 data.