# Bitcoin Wrapped in Drama

*Author: Bankless*
*Published: Aug 15, 2024*
*Source: https://www.bankless.com/es/bitcoin-wrapped-in-drama*

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[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/06/Frame-50572--1--2.png)](https://www.bankless.com/sponsor/mantle-1706216729?ref=wbtc-gets-wrapped-in-controversy&email=true)

  

Bitcoin Wrapped in Drama
    
  

  
  Published on Aug 15, 2024

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  View in Browser

](https://bankless.com/read/briefs)
 

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[**Sponsor: Mantle**](https://www.bankless.com/sponsor/mantle-1706216729?ref=wbtc-gets-wrapped-in-controversy&email=true) — Mass adoption of decentralized & token-governed technologies.

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.  .  .

 
  
    
      
      NEED TO KNOW
    
    
  
  
    
Dems Make Case for Harris
  

  

 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/08/Group-14--93-.png)](https://www.bankless.com/dashboard)- 📢 **Schumer Calls for Regulatory Action at Crypto4Harris Town Hall. **Senate Majority Leader Chuck Schumer was among the loudest Democrats [calling for clearer regulatory action](https://www.bankless.com/schumer-calls-for-regulatory-action-at-crypto4harris-town-hall) for crypto.
- 🇮🇳 **Binance Relaunches in India After Paying Fine. **Binance [resumes operations](https://www.bankless.com/binance-has-resumed-operation-in-india-after-paying-a-2-25m-fine-to-indias-financial-intelligence-unit-fiu) after paying a $2.25M fine to India's FIU.
- 📈 **SEC Approves Leveraged MicroStrategy ETF. **MSTX [seeks to deliver](https://www.bankless.com/sec-approves-leveraged-microstrategy-etf?u=true) 175% of MSTR’s daily returns to investors by utilizing leverage.

.  .  .

 
  
    

    MARKET VIBES

  
  
Crypto Declines
    
  
   
     
   
     
    
 

**📸 Daily Market Snapshot: **Crypto markets ignored macro bullishness Thursday, selling off over 4% while macro indices posted gains. With Harris now up 10 points in [Polymarket](https://polymarket.com/event/presidential-election-winner-2024?tid=1723756802914)'s election odds, Trump and his pro-crypto promises have firmly moved toward underdog territory.

Prices as of 5pm ET
24hr
7d

 

       ![](https://banklesspublic.b-cdn.net/cmc.png)
    

  **Crypto**
   
          $2.00T
       

 
    
    ↘4.2%
    
  

  
    
    ↘4.3%
    
  

       ![](https://banklesspublic.b-cdn.net/btc.png)
    

  **BTC**
   
          $57,040
       

  
    
    ↘3.5%
    
  

   
    
    ↘4.3%
    
  

       ![](https://banklesspublic.b-cdn.net/eth.png)
    

  **ETH**
   
          $2,546
       

  
    
    ↘4.9%
  

   
    
    ↘1.2%
    
  
  

       ![](https://s2.coinmarketcap.com/static/img/coins/64x64/24091.png)
    

  **ZK**
   
          $0.105

       

  
    
    ↘5.9%
    
  

   
    
    ↘7.4%
    
  

  

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0️⃣**New Token Rating: **The price of **ZKsync's** native token has been halved just two months post-airdrop. Does depressed ZK price present an obvious buying opportunity?[See Our ZK Rating](https://www.bankless.com/tools/token-hub/zksync)

.  .  .

 
  
    

ANALYSIS

  
  
    
   
Bitcoin Gets Wrapped in Drama

  
  
   
     
     Bankless Author: 
     
       [
       
       Jack Inabinet](https://x.com/JackInabinet)
     
    
 

[![](https://storage.ghost.io/c/e4/b7/e4b77544-5a37-4f0b-8824-8440aa348476/content/images/2024/08/image---2024-08-15T165313.622.png)](https://www.bankless.com/wbtc-gets-wrapped-in-controversy)**Wrapped Bitcoin (**[**WBTC**](https://wbtc.network/dashboard/order-book)**) is simply a token on the Ethereum blockchain that is pegged to BTC. **

But there's nothing straightforward about the controversy that's been ignited this week as impending changes to the custody and minting model of WBTC have thrown the DeFi world into a ruckus.

*Let's unpack the drama that involves $9B in assets, Justin Sun, and Coinbase* 👇

[Read the Full Analysis](https://www.bankless.com/wbtc-gets-wrapped-in-controversy)
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