The price of wBTC collapsed 19 times on Binance exchange

On Saturday, November 2, the price of Wrapped Bitcoin (wBTC) plummeted to $5,204 on the cryptocurrency exchange Binance.

According to data from the exchange, the value of Wrapped Bitcoin in relation to the Tether (USDT) stablecoin dropped nearly 19 times from $98,420 to $5,204 in just seconds. However, almost immediately afterward, the price of the coin returned to its previous level and at the end of the trading session was approximately $97,000.

At the moment of the WBTC price collapse on Binance, a huge quantity of coins was sold. But after a couple of hours, clients of the trading platform disposed of an even larger number of coins. The sharp drop in the price of Wrapped Bitcoin was likely caused by a bug in the software.

Earlier, we reported that the cryptocurrency exchange Coinbase will suspend trading of wrapped bitcoin or wBTC in December 2024.