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  • The market at large is motionless led by Bitcoin which is pivotal at $6,400 level.
  • Various indicators on the chart shows that bulls are in control.
  • The Wrapped Bitcoin (WBTC) ERC20 token will of equal measure to Bitcoin (BTC).

Ethereum has been gaining traction above $200, although the upside is still limited below $206. The trading in the past couple of weeks has been sideways with buyers being careful to ensure that there is no movement below $200. The market at large is also motionless led by Bitcoin which is pivotal at $6,400 level.

A slight bullish movement on Friday last week made it above $205 but came to stand still marginally below $206. The correction that followed found a higher support around $202. As mentioned above, the trading over the weekend has been mundane and motionless. The upside is capped at $204. However, a trendline drawn on the chart shows that the price is trading higher lows and higher highs, although with subtle upside movement. Various indicators on the chart shows that bulls are in control; the RSI is horizontal at 59.52% while the MACD is ranging in the positive territory.

BitGo, the crypto-finance firm announced recently that its Wrapped Bitcoin (WBTC) ERC20 token has been created. The token was developed using the Ethereum blockchain. Moreover, it has been collateralized on an equal basis to the largest crypto in the market, Bitcoin (BTC).

The new project has been said to be the “Power of Bitcoin and the flexibility of ERC20.” It has come to solve the low trading activity on decentralized exchanges (DEX) leading to low liquidity. On the contrary most of Bitcoin trading is carried out on centralized exchanges, a situation BitGo intends to change by increasing liquidity on Ethereum-based dApps as well as DEX. The token will be an equal measure of Bitcoin and will be available for swift payments as well as collateral resolutions.

“We’ve seen significant institutional interest in the tokenization of assets like securities, commodities, and real estate. WBTC is an opportunity to contribute technical leadership to the advancement of blockchain and tokenization platforms.” BitGo said in a blog post.

ETH/USD 60′ chart