Little changed in the past day for bitcoin’s price. The top asset in the crypto market is back in the $11,500 territory, where it was Wednesday, after briefly bottoming to $11,274 on spot exchanges such as Coinbase.
However, the amount of bitcoin locked in decentralized finance, or DeFi, surpassed 25,000 BTC Monday, and is currently at 27,043, according to data aggregator DeFi Pulse. Mark Hornsby, chief technical officer for crypto custodian Trustology, told CoinDesk that bitcoin’s role in DeFi could be bullish as investors feel comfortable about its role as the dominant cryptocurrency - and lock more of it inside Ethereum’s network.
“Due to its dominance, the bitcoin blockchain is an attractive proposition for DeFi,” Hornsby said. “Arguably, the lending and borrowing originating from these ‘wrapped’ instruments could bolster the underlying asset and, thus, bitcoin's price point,” he added.
However, the amount of bitcoin locked in decentralized finance, or DeFi, surpassed 25,000 BTC Monday, and is currently at 27,043, according to data aggregator DeFi Pulse. Mark Hornsby, chief technical officer for crypto custodian Trustology, told CoinDesk that bitcoin’s role in DeFi could be bullish as investors feel comfortable about its role as the dominant cryptocurrency - and lock more of it inside Ethereum’s network.
“Due to its dominance, the bitcoin blockchain is an attractive proposition for DeFi,” Hornsby said. “Arguably, the lending and borrowing originating from these ‘wrapped’ instruments could bolster the underlying asset and, thus, bitcoin's price point,” he added.
