People who trade and buy cryptocurrencies are worried about Poloniex, the exchange backed by Justin Sun since the price of Wrapped Bitcoin (WBTC) has moved far from its link to Bitcoin.
The price of Wrapped Bitcoin on Poloniex has dropped sharply by about 22% when paired with Bitcoin (BTC). This means that you can get a big deal. Many people are worried that the exchange won’t be able to keep the planned peg because there hasn’t been much trading in the WBTC/BTC pair lately.
WBTC trading halted on Poloniex
Poloniex hasn’t let people trade WBTC for BTC since March 26. Nothing has changed since then. The Wrapped Bitcoin infrastructure on Poloniex is being looked into since it’s unclear when the coin will work on the TRON blockchain or the Ethereum network.
It was already known that Poloniex would accept WBTC, which is built on TRON. What does the site say when it says Wrapped Bitcoin is an ERC-20 token? That means it is connected to the Ethereum blockchain. Although this has happened, Poloniex still lets you trade Wrapped Bitcoin for USDT, a stablecoin that Tether made.
Wrapped Bitcoin is still linked to BTC on HTX (formerly Huobi), an exchange tied to Justin Sun. This is strange because this pair hasn’t been traded in a while.
Poloniex and Justin Sun have yet to publicly disclose their plans. Traders and others interested in crypto are still waiting for more information.
