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crypto.news 2025-02-04 10:30:11

Here’s why Sui price soaring more than 8% after Bitcoin integration

Here’s why Sui price soaring more than 8% after Bitcoin integration

Wrapped Bitcoin by BitGo can now move from Ethereum to Sui via Sui Bridge, expanding BTCfi for the Sui ecosystem. The price of Sui ( SUI ) surged to $3.37 on Tuesday, Feb. 4, gaining 8.5%, following the news that Sui Bridge now supports Wrapped Bitcoin ( wBTC ). With the integration, users can now move Bitcoin ( BTC ) from Ethereum ( ETH ) to the Sui network. In a blog announcement on Feb. 3, the Sui team said that the network is turning wBTC into a “fully composable asset.” Users can now lent, borrow, trade, or put their wBTC to work in various decentralized finance apps, such as Bluefin, Navi, and Suilend, all of which are now supporting wBTC, the announcement reads. “BTC has always been a cornerstone of crypto, but its use has been largely limited to being a store of value. BTCfi on Sui changes that, turning wBTC into a fully composable asset that integrates seamlessly across DeFi protocols on Sui.” Sui You might also like: Phantom wallet officially adds support for Sui Meanwhile, analysts appear to be optimistic about Sui’s long-term potential. Patrick Bush from VanEck earlier noted that Sui, which currently has 280 active developers, is seen as a competitor to Ethereum and Solana. By the end of 2025, Bush says Sui can reach a price of $16, up from its current level, representing a 326% increase. Still, the cryptocurrency faces several risks that could impact its long-term growth, Bush warns. One key challenge is its need for effective business development. Additionally, Sui hasn’t yet developed a “cohesive strategy that integrates technical development with ecosystem expansion,” Bush writes. On top of that, Sui’s infrastructure hasn’t been stress-tested, raising concerns about its ability to handle complex operations. Read more: What is Sui? A deep dive into the L1 blockchain

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