On November 23, Wrapped Bitcoin
Starting the day at its valuation of around $98,000, WBTC’s price collapsed due to what appeared to be an electronic malfunction in Binance’s trading system. Flash crashes, usually triggered by technical errors, have caused similar market disruptions.
Fortunately, the token’s value rebounded almost immediately, closing the daily chart at approximately $97,000. Currently, WBTC continues trading at its regular market price without any residual instability from the incident.
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This event happened only days after Coinbase
$4.55B
The decision has not been without controversy. BiT Global, the entity managing WBTC custody, claimed Coinbase calculated the delisting to prioritize its own wrapped Bitcoin variant, cbBTC.
Coinbase introduced cbBTC in September 2024 despite heated debates over Wrapped Bitcoin’s transition to a multi-jurisdiction custody framework. This new arrangement distributed control of the private keys backing WBTC across the United States, Hong Kong, and Singapore.
The crypto space is no stranger to technical glitches, as seen with the WBTC flash crash. But disruptions aren’t limited to tokens—entire networks can face challenges, too. Recently, a blockchain dubbed the “Solana killer” experienced a major outage. Can the Sui Network recover? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
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