{"id":100981,"date":"2024-11-25T01:58:13","date_gmt":"2024-11-25T05:58:13","guid":{"rendered":"https:\/\/coinscreed.com\/staging\/?p=100981"},"modified":"2024-11-25T01:58:17","modified_gmt":"2024-11-25T05:58:17","slug":"wrapped-bitcoin-price-drops-to-5k-on-binance","status":"publish","type":"post","link":"https:\/\/coinscreed.com\/staging\/wrapped-bitcoin-price-drops-to-5k-on-binance\/","title":{"rendered":"Wrapped Bitcoin Price Flash Drops To $5K On Binance"},"content":{"rendered":"\n

On November 23, 2024, the price of Wrapped Bitcoin (WBTC)<\/a> on Binance briefly and rapidly declined to an all-time low of approximately $5,200.<\/p>\n\n\n\n

\"Wrapped
Wrapped Bitcoin Price Flash Drops To $5K On Binance<\/em><\/figcaption><\/figure>\n\n\n\n

In an apparent flash crash that did not impact the asset's price on other exchanges, the cost of Wrapped Bitcoin on Binance briefly and rapidly plunged to an all-time low of approximately $5,200 on November 23, 2024.<\/p>\n\n\n\n

WBTC commenced trading at an average price of approximately $98K before experiencing a significant decline due to an electronic error that impacted the trading system, the most prevalent cause of flash crashes.<\/p>\n\n\n\n

The daily candle for Wrapped Bitcoin on the Binance exchange \r\n \r\n \r\n \r\n <\/g>\r\n \r\n \r\n \r\n <\/clipPath>\r\n <\/defs><\/svg><\/span><\/a>concluded the day at approximately $97K, and the price rebounded almost immediately. It is currently trading at normal levels.<\/p>\n\n\n\n

The Wrapped Bitcoin flash collapse occurred just days after Coinbase announced its intention to delist WBTC in a November 19 announcement. The exchange informed its followers on social media that trading for WBTC will be suspended at approximately noon Eastern Time on December 19, 2024.<\/p>\n\n\n\n

\"The
The WBTC flash crash on Binance. Source: TradingView<\/em><\/figcaption><\/figure>\n\n\n\n

Coinbase is criticized for removing Wrapped Bitcoin from its listings<\/strong><\/h3>\n\n\n\n

During the WBTC delisting announcement, Coinbase stated, “We consistently monitor the assets on our exchange to ensure they meet our listing standards.” However, the company also reassured customers that their WBTC funds would remain accessible for withdrawal.<\/p>\n\n\n\n

BiT Global, the custodian for WBTC, claimed in a statement to Cointelegraph that Coinbase delisted WBTC to provide its own tokenized Bitcoin product, cbBTC, with an advantage over other Bitcoin containers. According to a spokesperson for BiT Global,<\/p>\n\n\n\n

\n

\u201cIt\u2019s clear that Coinbase\u2019s decision is an attempt to gain a competitive advantage, pushing forward their own wrapped Bitcoin product, cbBTC, and removing the largest and most influential competitor in WBTC.\u201d<\/p>\n<\/blockquote>\n\n\n\n

In September 2024, Coinbase introduced cbBTC<\/a> in response to a controversy concerning Wrapped Bitcoin's transition to multi-jurisdictional custody. The United States, Hong Kong, and Singapore shared the custody of the private keys to the underlying Bitcoin underpinning WBTC in the multi-jurisdiction custodial structure.<\/p>\n\n\n\n

The crypto community's pervasive concerns regarding Tron founder Justin Sun<\/a>‘s involvement in the new custodial agreement prompted a backlash from the former Maker community, now known as Sky. Ultimately, the Sky community voted to eliminate WBTC as trading collateral on the platform due to this outcry.<\/p>\n","protected":false},"excerpt":{"rendered":"

On November 23, 2024, the price of Wrapped Bitcoin (WBTC) on Binance briefly and rapidly declined to an all-time low of approximately $5,200. In an apparent flash crash that did not impact the asset’s price on other exchanges, the cost of Wrapped Bitcoin on Binance briefly and rapidly plunged to an all-time low of approximately […]<\/p>\n","protected":false},"author":59,"featured_media":93216,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[326,21804,150,10916],"class_list":["post-100981","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-cbbtc","tag-coinbase","tag-wbtc-2"],"jetpack_featured_media_url":"https:\/\/coinscreed.com\/staging\/wp-content\/uploads\/2024\/09\/WBTC.png","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100981","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/users\/59"}],"replies":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/comments?post=100981"}],"version-history":[{"count":0,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/posts\/100981\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media\/93216"}],"wp:attachment":[{"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/media?parent=100981"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/categories?post=100981"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinscreed.com\/staging\/wp-json\/wp\/v2\/tags?post=100981"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}