Wrapped Bitcoin (WBTC) Falling Sharply Coming into the Weekend
Early Friday morning, stablecoin Wrapped Bitcoin (WBT) dropped precipitously from $18,982 (WBTC/USD) to $18.752. The coin is down 2% for the day so far and continuing to fall.
What Is Wrapped Bitcoin’s Status?
Wrapped Bitcoin moves closely related to Bitcoin (BTC), as the two are tied together and Wrapped Bitcoin is meant to follow the more popular Bitcoin. As of this writing, Bitcoin’s rate is at $18,842 (BTC/USD). That coin is down about 2% as well for the day.
Wrapped Bitcoin has had an uneven week, trending bearish overall but with plenty of bullish upswings to make it worth following. A week ago, Wrapped Bitcoin was at a high of $19,777. It fell rapidly from there but then swung back up at the start of this week. After peaking at $19,617, the WBTC rate fell sporadically from there until today’s sharp decline.
This stablecoin currently has a trade volume of $91 million, with its trade volume increasing by about 13% over yesterday.
Is WBTC a Good Investment?
The advantage WBTC has over BTC is that it can be bought and sold on different trading platforms. This is why Wrapped Bitcoin manages to trade at such high numbers.
Bitcoin has been falling sporadically over the past few months, and we may continue to see that downward trend moving forward. That means Wrapped Bitcoin will be following the same path, and we expect the rate to continue falling for the foreseeable future. That doesn’t mean there is no reason to buy in on Wrapped Bitcoin, though. Just watch for daily or weekly upsurges that can make a small investment profitable in the short term.
For this coming weekend, we expect to see Wrapped Bitcoin make a turn and start going bullish quickly. By Monday, some investors should have made a profit off of the weekend’s activity.
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