Coinbase Global Inc (NASDAQ: COIN) has hinted at the launch of a synthetic Bitcoin token, "cbBTC," potentially setting the stage for increased competition in the synthetic Bitcoin market. This market is currently led by BitGo’s Wrapped Bitcoin (WBTC).
The announcement, made via a cryptic post on X (formerly Twitter), has generated considerable buzz within the cryptocurrency community. Jesse Pollak, head of Coinbase's layer-2 network, expressed a strong commitment to Bitcoin, aiming to build a "massive Bitcoin economy" on Base, Coinbase’s layer-2 network.
The timing of Coinbase’s announcement is noteworthy, as it comes amid growing controversy surrounding WBTC. On August 9, 2024, BitGo, the custodian of WBTC, partnered with Hong Kong-based BiT Global, a firm linked to Justin Sun, the founder of Tron (TRX). This partnership has raised concerns within the decentralized finance (DeFi) community about potential centralization and Sun’s controversial reputation.
Some within the DeFi community, such as Block Analitica, have responded by suggesting a halt to new borrowing against WBTC collateral on platforms like MakerDAO. Despite reassurances from BitGo’s CEO Mike Belshe, doubts and uncertainties persist.
The market has reacted to the cbBTC teaser with cautious optimism. COIN shares, currently trading at $193.81, have seen a slight daily decline of 2.09% but have risen by 5% over the past week.
coinbase price source：yahoo finance
According to AI-based analysis, the introduction of cbBTC could increase user engagement on Coinbase’s Base network, potentially driving higher trading volumes and revenue. This could push COIN shares to $215 by the end of 2024, assuming institutional interest in Coinbase’s ecosystem continues to grow.
ChatGPT-4o COIN price prediction. Source: ChatGPT/Finbold
Microsoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
WeatherlyEl Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
AnaisFormer Binance CEO Changpeng “CZ” Zhao Predicts China could beat the United States of America at building a Strategic Bitcoin Reserve.
XingChiBinance has not yet decided on its new global headquarters due to complexities like tax laws and talent acquisition challenges. Legal troubles, including Changpeng Zhao's legal issues and a $4.3 billion fine, have led Binance to restructure its leadership and adopt better governance strategies.
WeatherlyBilly Markus, the founder of Dogecoin, recently shared regret about selling 37.37 bitcoins in 2015 for $424,152.54 — a decision that would now be worth over $368 million. Despite stepping away from Dogecoin in 2015, Markus reflects on its impact as a cultural icon while highlighting its true value lies in its community and shared ideals, not just market performance.
WeatherlyBitcoin has reached a new all-time high, surpassing $100,000, while CZ remains unaffected by the surge, holding onto the same amount of Bitcoin. Binance Coin (BNB) also hit a record high, but CZ’s focus remains on Bitcoin’s long-term value rather than its fluctuating price.
WeatherlyMeitu sold its entire crypto portfolio, making nearly $80 million just before bitcoin’s surge above $100,000. The company plans to distribute 80% of the gains to shareholders and refocus on its AI-driven apps.
AnaisBitcoin surpassed $100,000 on 5 December, driven by growing optimism following Trump’s pro-crypto appointments, including Paul Atkins for SEC Chair. This milestone signals investor confidence in a crypto-friendly future under Trump’s upcoming administration, which takes office on 20 January 2025.
JoyBitcoin hit a new all-time high today, surpassing $103,000, driven by strong market sentiment, especially after Donald Trump’s election victory. The cryptocurrency has surged 126% since the start of 2024. Could 2025 be an even stronger year for Bitcoin?
KikyoDonald Trump's administration plans to create a national Bitcoin reserve, boosting Bitcoin's role in the global economy. State-level and institutional support is growing, with 10 US states preparing their own Bitcoin reserve plans.
WeatherlyAt the same time as WBTC was facing a trust crisis, Coinbase announced its cbBTC built on the Base chain.
JinseFinanceUSDC has regained its $1 peg.
BeincryptoU.S.-based crypto exchange Coinbase will scale back most of its operations in Japan.
decryptUS-based crypto exchange Coinbase is revealing that it received thousands of requests from law enforcement and government agencies this year.
dailyhodlAccording to Coinbase, regulatory compliance and asset security have always piqued its interest.
The Crypto StarConnect your crypto wallet to the Coinbase marketplace, and have ETH in your wallet to bid, buy and sell NFTs on Coinbase.
CointelegraphDutch users need to provide the recipient's full name, the purpose of transfer and full residential address to move digital assets off the platform.
CointelegraphLaunched in 2018, Coinbase Pro is designed to feature unlimited trading volumes, supporting more than 250 cryptocurrencies.
CointelegraphCoinbase CEO Brian Armstrong said the U.S. SEC will not meet with the company, adding that 50 percent of officials in Washington are concerned about the risks of cryptocurrencies.
CointelegraphCoinbase added wallet support for SOL and Solana-based tokens, and said it will also support NFTs and dApps on the blockchain in the future.
Cointelegraph