Binance CEO denies rumors of exchange selling BTC for BNB coin.
The CEO of Binance, Changpeng “CZ” Zhao, has denied rumors that the world’s largest cryptocurrency exchange has been selling bitcoin (BTC) to prevent the prices of bnb coin (BNB) from falling below certain levels.
Zhao tweeted early on Wednesday, using his infamous “4” moniker, that “Binance have not sold BTC or BNB. We even still have a bag of FTT.” He suggested that short interest among members of Crypto Twitter may be fueling the rumors.
On Tuesday, tweets from popular traders @JW100x and @52kskew went viral. The tweets pointed to short-term price correlations between a sell-off in bitcoin (BTC) and a purchase of BNB. According to Twitter data, the tweets were viewed over 3 million times cumulatively.
@52kskew tweeted that “USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC. BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT.”
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Elsewhere, @JW100x said: “As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin. It is a total house of cards.”
CoinGecko data shows that BNB prices have increased by 6.6% in the past 24 hours, while bitcoin has seen nominal declines.
Edited by Parikshit Mishra.
