‘Too Much Speculation’ Is Hurting Crypto, BitGo’s Belshe Says
- Price disparity between Bitcoin and derivative raised concern
- There’s been too much speculation on some unworthy projects
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There’s a lot going on in crypto following the collapse of the FTX exchange. But traders’ focus has in recent days turned to the price disparity between Bitcoin and a derivative of the largest cryptocurrency.
Wrapped Bitcoin, or wBTC, is backed 1-to-1 by the token, which is held in custody by the digital-trust firm BitGo. The offshoot normally trades on par with the original token but had over the past few days traded at a discount to Bitcoin.