{"id":135335,"date":"2024-08-12T08:00:09","date_gmt":"2024-08-12T05:00:09","guid":{"rendered":"https:\/\/cryptodnes.bg\/en\/?p=135335"},"modified":"2024-08-12T01:56:03","modified_gmt":"2024-08-11T22:56:03","slug":"more-trouble-for-bitcoin-potential-sell-off-looms","status":"publish","type":"post","link":"https:\/\/cryptodnes.bg\/en\/more-trouble-for-bitcoin-potential-sell-off-looms\/","title":{"rendered":"More Trouble for Bitcoin: Potential Sell-Off Looms"},"content":{"rendered":"<p>Recently, investors are considering removing wBTC as collateral, which could lead to a <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/bitcoin\/\">Bitcoin<\/a> <\/strong>sell-off if they decide to reduce their exposure due to Bitgo\u2019s recent <strong><a href=\"https:\/\/blog.bitgo.com\/bitgo-to-move-wbtc-to-multi-jurisdictional-custody-to-accelerate-global-expansion-plan-2ea0623fa2c8?gi=afa71abed003\" target=\"_blank\" rel=\"nofollow\">announcement<\/a><\/strong>.<\/p>\n<p>On Saturday, BA Labs <strong><a href=\"https:\/\/forum.makerdao.com\/t\/wbtc-changes-and-risk-mitigation-10-august-2024\/24844\/1\" target=\"_blank\" rel=\"nofollow\">highlighted<\/a> <\/strong>a risk on MakerDAO\u2019s governance forum, mentioning Bitgo\u2019s plan to transfer wBTC control to a joint venture with BiT Global, involving Justin Sun and Tron (<strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/tron\/\">TRX<\/a><\/strong>). This partnership raised concerns among the MakerDAO community, leading to discussions about dropping wBTC as collateral for <strong><a href=\"https:\/\/cryptodnes.bg\/en\/cryptocurrency\/multi-collateral-dai\/\">DAI<\/a><\/strong>.<\/p>\n<p>Some crypto whales are already rethinking their wBTC positions. A continued exit trend could increase Bitcoin selling pressure, affecting its short-term price. Even now Bitcoin lost the $60,000 support and is currently trading at $58,940.<\/p>\n<style>\n    .dark-mode .read-more {background-color: #343a40 !important;}\n<\/style>\n<div class=\"read-more pb-3 pt-3 pt-md-2 px-3 my-4 border bg-light\">\n    <h5 class=\"text-uppercase border-bottom mb-3 pb-1 d-none d-md-block\">READ MORE:<\/h5>\n    <a class=\"article row\" href=\"https:\/\/cryptodnes.bg\/en\/analyst-predicts-bitcoin-to-exit-bear-trap-and-surge-toward-72000\/\" title=\"Analyst Predicts Bitcoin to Exit Bear Trap and Surge Toward $72,000\">\n        <div class=\"contentRight col-4\">\n            <span class=\"imgContainer mt-0\">\n                <img decoding=\"async\" class=\"image img-defer\" src=\"https:\/\/cryptodnes.bg\/en\/wp-content\/uploads\/sites\/2\/2024\/04\/rrrrrrbtc-240x170.webp\">\n            <\/span>\n        <\/div>\n        <div class=\"contentLeft col-8\">\n            <h4 class=\"title mb-0\">Analyst Predicts Bitcoin to Exit Bear Trap and Surge Toward $72,000<\/h4>           \n            \n        <\/div>        \n    <\/a>\n<\/div>\n<p>An investor on the forum compared this situation to previous issues with the TUSD stablecoin under Justin Sun, which led to operational and transparency concerns. To mitigate risks, BA Labs proposed reducing wBTC collateral in MakerDAO vaults from $1.25 billion to zero, disabling wBTC borrowing, and lowering its Loan-to-Value ratio to zero. If implemented, wBTC would no longer be used as DAI collateral.<\/p>\n<p>wBTC is widely used to redeem DAI, and its removal could trigger a sell-off and influence other protocols. Investors need to deposit about three times the wBTC\u2019s value to get DAI. For example, one vault holds 1,600.88 wBTC as collateral for a $34.5 million DAI loan, equating to $96.05 million in collateral at current Bitcoin prices. With DAI\u2019s market cap at $5.35 billion and 10% in wBTC, this involves a $1.605 billion collateral stake.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Wrapped Bitcoin (wBTC) makes up about 10% of the reserves for the overcollateralized stablecoin DAI.<\/p>\n","protected":false},"author":3,"featured_media":103139,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[27],"tags":[],"class_list":["post-135335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.8.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>More Trouble for Bitcoin: Potential Sell-Off Looms<\/title>\n<meta name=\"description\" content=\"A continued exit trend could increase Bitcoin selling pressure, affecting its short-term 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