Binance’s Bitcoin Flash has fallen to $5K on the exchange
Wrapped Bitcoin (WBTC) price on Binance in 2018 It fell to an all-time low of $5,200 on November 23 amid an apparent flash crash and other currency exchanges that left the asset price unchanged.
WBTC started the day's trading at a normal price level of around $98K before crashing due to an electronic error affecting the trading system – the all-too-common flash crash.
It almost bounced back, and the daily candle on the Binance exchange closed the day at around $97k for a batch of bitcoins and is now trading at normal levels.
The Wrapped Bitcoin flash crash comes days after Coinbase announced on November 19th that it would cancel WBTC. “Coinbase will stop trading WBTC on or around December 19, 2024, at 12 PM Eastern,” he told his followers on social media.
WBTC Flash Crash on Binance. Source: TradingView
Related: Wrapped Bitcoin in DeFi: Reviewing wBTC, cbBTC and tBTC
Coinbase is under fire for canceling WBTC.
“We regularly monitor assets on our respective exchanges to ensure they meet our listing requirements,” Coinbase said at the time of the WBTC cancellation announcement, but assured customers that their WBTC funds were still available for withdrawal.
In a statement to Cointelegraph, BitGlobal, WBTC's guardian, Coinbase has canceled WBTC to give its own tokenized Bitcoin product, cbBTC, an advantage over other Bitcoin wrappers. A spokesperson for BiT Global wrote:
“This decision by Coinbase is clearly an attempt to gain a competitive advantage by pushing forward their own wrapped Bitcoin product, cbBTC, and eliminating the largest and most influential competitor in WBTC.”
Coinbase launched cbBTC in September 2024. A multi-jurisdictional custodian structure has shared custody of the Bitcoin (BTC) private keys that underpins WBTC between the United States, Hong Kong and Singapore.
Tron founder Justin Sun's involvement in the custodial deal has sparked widespread concern from the crypto community — including the former maker community, now known as Sky. This backlash eventually resulted in the Sky community voting to drop WBTC as a currency on the platform.
Magazine: ‘Bitcoin Layer 2s' Are Not L2s at All: Why Does That Matter?
