Uniswap wBTC Trading Volume Hits ATH Amid Tesla Bitcoin News

February 09, 2021, 3:00 PM AEST - 1 year ago

The cryptocurrency market has been literally set on fire, following the news that Elon Musk’s Tesla has added a sizable amount of Bitcoin in its reserve. The development sparked an increase in trading volume across several major exchanges, including Uniswap. According to Glassnode, the leading decentralized exchange users traded a significant volume of wBTC, the tokenized version of BTC, a few hours after Tesla’s new.

Uniswap Hits ATH in wBTC Trading Volume

wBTC or Wrapped Bitcoin is basically an Ethereum-compatible cryptocurrency (ERC-20 token) backed 1:1 with Bitcoin. The token was developed to enable DeFi traders to gain exposure or access to the leading cryptocurrency. Thus, following the development today, more users on Uniswap were seen trading the tokenized BTC to a great extent. According to a market report from Grayscale, Uniswap recorded more than US$46 million in wBTC trading volume within an hour, making an all-time high for the exchange.

This confirms that Tesla sparked a massive inflow of capital into the leading cryptocurrency, and of course, the development pushed Bitcoin to a new record level in value. Bitcoin reached a new price ATH above US$44,000, and many people are still bullish that the price may increase to US$50,000 later today. Meanwhile, Uniswap isn’t the only exchange seeing massive traffic. Other exchanges like Binance gained massive trading volume, which again required the exchange to scale up.

Elon Musk Finally Buys Bitcoin, not Dogecoin

The CEO of Tesla, Elon Musk, had shilled Bitcoin and mostly Dogecoin as his favorite cryptocurrencies. From his tweets, many industry players could tell that the billionaire would buy Bitcoin. However, the date wasn’t certain.

In addition to buying Bitcoin, Tesla also intends to accept Bitcoin as a payment option for electric cars.

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