BiT Global and Coinbase Resolve Legal Dispute Over wBTC Delisting
- BiT Global has dismissed its lawsuit against Coinbase regarding the delisting of wrapped bitcoin (wBTC) with prejudice.
- The legal dispute arose after Coinbase removed wBTC due to concerns about potential risks involving Justin Sun.
- Sun, a crypto billionaire, became associated with wBTC through a partnership in August last year.
- The case was filed in the Northern District of California, alleging harm to wBTC’s liquidity and reputation.
- No settlement terms were disclosed, but both parties will cover their own legal expenses.
BiT Global has agreed to dismiss its lawsuit against Coinbase over the delisting of wrapped bitcoin (wBTC), concluding a legal dispute centered on concerns involving Justin Sun. Both companies will bear their own legal costs.
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WBTC Jumps 2% After Coinbase Legal Resolution – Eyes $108,500
– ? ↗️ BUY Signal (7/10) | Medium Risk Trade
– ? Entry: $104,500-105,200 | Targets: $106,700, $108,500 | Stop: $103,200
– ⏰ Monitor price action closely
– ? Key: Bullish momentum play on legal overhang removal; watch for breakout confirmation.
WBTC rallied 2% following BiT Global’s dismissal of its lawsuit against Coinbase regarding wBTC’s delisting. The removal of this legal uncertainty boosted market confidence, pushing wBTC above key EMAs. Price now targets $106,700 resistance, with a potential extension to $108,500.
Technical Analysis: WBTC
BUY (Score: 7/10)
MEDIUM-HIGH
Trading Action
Enter long between $104,500 and $105,200. A confirmed break above $106,700 (Bollinger Band upper boundary) increases the likelihood of reaching target 2 at $108,500. Place a stop-loss at $103,200 to manage risk. Monitor weekend volume and broader market sentiment; a bearish MACD crossover or rejection at the upper Bollinger Band invalidates the bullish thesis.
Bottom Line
Aggressive traders can enter now, targeting $106,700 initially. Conservative traders should await confirmation above $106,700 before entering. Watch $104,200 (EMA20) for support; a break below signals potential weakness.
Not financial advice. DYOR.
