Poloniex, Justin Sun’s renowned crypto exchange, experiences a 20% drop in WBTC trading, sparking worries about the stability of Bitcoin’s peg.
WBTC Plummets by 22% Against BTC on Poloniex, Sparking Worries about Exchange’s Trading Prowess. The once-bustling trading pair of WBTC and BTC has fallen silent, with no activity recorded in the past few days.
Shockingly, WBTC is now trading at a jaw-dropping 22% discount to BTC, meaning a potential value of $48,738 within the pair’s market. What caused this sudden drop? On Mar. 26, trading of WBTC on Poloniex came to a screeching halt and has remained stagnant ever since.
Is Poloniex bringing WBTC to the Ethereum network or TRON? The answer remains shrouded in mystery. Despite a previous blog post from the exchange declaring the arrival of TRON-based WBTC, the description for the WBTC/BTC pair on Poloniex’s website still refers to it as an ERC-20 token, adhering to the Ethereum blockchain standard.
The WBTC drama continues as it breaks away from its peg and takes on a wild ride on Poloniex. But wait, there’s more! The stablecoin’s trading frenzy with USDT has everyone on the edge of their seats.
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And let’s not forget about HTX, the crypto exchange connected to the infamous Justin Sun, where WBTC seems to be holding on to its peg to BTC. But don’t get too excited, the pair has been at a standstill for the past 24 hours. As the crypto world anxiously awaits for answers, both Poloniex and Justin Sun remain tight-lipped.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.