Binance CEO hits back at rumors of exchange selling Bitcoin for BNB coin
|Binance CEO Changpeng "CZ" Zhao dispelled rumors that the world’s largest crypto exchange has been selling Bitcoin (BTC) to keep the prices of bnb coin (BNB) from falling below certain levels.
“Binance have not sold BTC or BNB. We even still have a bag of FTT,” Zhao tweeted early on Wednesday, using his infamous “4” moniker. He suggested there could be short interest among Crypto Twitter members fueling the supposed rumors.
4. Binance have not sold BTC or BNB. We even still have a bag of FTT.
— CZ Binance (@cz_binance) June 13, 2023
It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. ♂️ pic.twitter.com/M3MUH2bFRE
4. Binance have not sold BTC or BNB. We even still have a bag of FTT.
— CZ Binance (@cz_binance) June 13, 2023
It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. ♂️ pic.twitter.com/M3MUH2bFRE
On Tuesday, tweets from popular traders @JW100x and @52kskew, which pointed to short-term price correlations between a sell-off in Bitcoin (BTC) and a purchase of BNB, went viral. The tweets were viewed over 3 million times cumulatively, as per Twitter data.
“USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC,” @52kskew tweeted. “BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT.”
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”
BNB prices are up 6.6% in the past 24 hours while bitcoin has seen nominal declines, CoinGecko data shows.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.