Published 08/11/2024 2:33:22 p.m.

Bitcoin sell-off alert as investors consider removing wBTC as collateral

Summary by Finbold

Wrapped Bitcoin (wBTC) corresponds to approximately 10% of the overcollateralized stablecoin DAI reserves, which investors now consider removing as collateral. This decision could start a Bitcoin (BTC) sell-off if investors decide to close their wBTC exposure following Bitgo’s controversial announcement. On August 10, a BA Labs spokesperson raised a risk-mitigation issue related to wBTC changes on MakerDAO’s (MKR) governance forum. As explained …

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Bitcoin sell-off alert as investors consider removing wBTC as collateral

Wrapped Bitcoin (wBTC) corresponds to approximately 10% of the overcollateralized stablecoin DAI reserves, which investors now consider removing as collateral. This decision could start a Bitcoin (BTC) sell-off if investors decide to close their wBTC exposure following Bitgo’s controversial announcement. On August 10, a BA Labs spokesperson raised a risk-mitigation issue related to wBTC changes on MakerDAO’s (MKR) governance forum. As explained …

08/11/2024 2:33:22 p.m.

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