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.
As Cointelegraph reported, decentralized exchange, UniSwap, airdropped 400 UNI tokens to every user who had provided liquidity before the start of September. 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.