Skip to main content

After waiting with bated breath for Bitcoin (BTC) to breach the psychological price of $40,000 that had escaped its scope for a couple of weeks, this fate was recently sealed.

The benchmark cryptocurrency was up by 18.88% in the last seven days to hit $43,896 during intraday trading, according to CoinMarketCap.

Nevertheless, Bitcoin ought to hold the $43,100 level to avoid dropping to $38K. Crypto trader Rekt Capital suggested:

“Weekly Close above black $43,100 would be a great confirmation for the bullish case. If BTC fails to flip the black $43,100 level into support, BTC could dip into the red $38,000 area. Previous green circles show that such retests have preceded further upside.”


Source: TradingView

Surprisingly, JPMorgan analysts have placed Bitcoin’s “Fair Value” at $38,000. This parameter is based on the extreme volatility of the leading cryptocurrency, which they noted was about four times as high as that of Gold.  

For a higher high to be created, which characterizes an uptrend, Bitcoin should break the $44,500 area.

Bitcoin has been making significant strides because it reached $1 for the first time eleven years ago.


Source: Documenting Bitcoin

Wrapped BTC experienced a 37,500%

Wrapped Bitcoin (WBTC) has experienced exponential growth, increasing by 375 times in the last two years. On-chain analyst Will Clemente explained:

“Over the last 2 years, the number of Bitcoin wrapped on Ethereum has increased by 375x or over 37,500%. Roughly 1.38% of Bitcoin’s supply is currently wrapped.”


Source: Glassnode

WBTC is an ERC-20 token that represents Bitcoin on the Ethereum network. Therefore, the Bitcoin that backs WBTC is verifiable through a proof of reserve system that prompts a 1:1 verification between minted WBTC tokens and the stored Bitcoin. 

Throughout 2021, WBTC flowed into THE Ethereum network, corporate treasuries, and exchange-traded investment vehicles, according to a study by Arcane Research. 

Image source: Shutterstock

Source link

Leave your vote

Blockchain Beat

Author Blockchain Beat

More posts by Blockchain Beat

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings


Log In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.