Wrapped Bitcoin (WBTC) has been a significant topic in recent months with an array of events impacting its trajectory. Following an early success, holders have been experiencing notable implications with its investments. Details surrounding WBTC's structure and function, were further elaborated upon, shedding light on its nature as a non-Bitcoin crypto asset. The digital currency was especially controversial after being
delisted by Coinbase on December 19, alleging the involvement of
Justin Sun presented an 'unacceptable risk'. This decision was linked to legal challenges as
Bit Global accused Coinbase of delisting WBTC to promote cbBTC, its own wrapped Bitcoin product. However, Coinbase stood firm, justifying its course of action by associating the delisting with Justin Sun.
Subsequently, a lawsuit of $1 billion was launched against Coinbase over the delisting incident leading to
heated crypto battle. Amid these developments,
Trump-Linked World Liberty Financial showed favoritism towards WBTC, buying more of it ahead of a crypto summit. WBTC also completed a shift to a multi-jurisdiction custody arrangement around this time.
Despite legal conflicts and a flash crash on Binance exchange, other platforms continue to support WBTC; Trump-backed World Liberty Financial, for instance, moved its considerable ETH and WBTC holdings to Coinbase. In contrast, Sky reconsidered its plan to offboard Wrapped Bitcoin following a discussion with BitGo CEO. Similarly, Wraped Bitcoin's role in DeFi was evaluated, comparing it with cbBTC and tBTC.
Coinbase's newly introduced cbBTc has gained traction, hitting a $1 billion market cap in just 57 days. Despite the backlash, a federal judge has allowed Coinbase to proceed with its plans to delist WBTC. In conclusion, with ongoing debates over Coinbase's actions and WBTC’s future, it is clear that the market dynamics around WBTC remain fluid with multiple factors to consider.
WBTC Coin News Analytics from Wed, 20 Sep 2023 10:24:06 GMT to Wed, 23 Apr 2025 07:36:41 GMT -
Rating 2
- Innovation 5
- Information 8
- Rumor 3
