Wrapped Bitcoin (WBTC) is currently undergoing a turbulent phase due to several developments in the cryptocurrency sector. One of the most critical stories is
Coinbase's decision to
delist WBTC and halt its trading from
December 19, 2024. Concurrently,
Coinbase is promoting its own
wrapped Bitcoin product, boldly named
cbBTC. These actions have elicited a heated response from the likes of
BiT Global, who accused
Coinbase of a 'competitive advantage.' The controversy surrounding
Justin Sun's influence over the protocol has also instigated Coinbase's move.Amid the controversy, there has been an increased focus on alternative wrapped Bitcoin products such as
cbBTC and
tBTC. A notable event was the flash crashes of WBTC on the
Binance exchange in the weeks following the Coinbase delisting. Despite these concerns,
Aave recently reported a record high for wrapped Bitcoin supplied, and the
Threshold Network has proposed a radical merger to 'save WBTC.' The controversies resulted in the launch of a
wrapped Bitcoin token by Coinbase. The future of WBTC remains uncertain as Coinbase's wrapped Bitcoin,
cbBTC, has rapidly grown to a sizeable market cap. With all the competition and turmoil, a clear market leader has yet to emerge.
WBTC Coin News Analytics from Fri, 08 Mar 2024 08:00:00 GMT to Mon, 09 Dec 2024 18:34:27 GMT -
Rating -7
- Innovation -3
- Information 8
- Rumor -2
