December 8, 2023

Brighton Journal

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Binance CZ Returns to Bitcoin (BTC) Selling Rumors for BNB Coin (BNB)

Binance CZ Returns to Bitcoin (BTC) Selling Rumors for BNB Coin (BNB)

Binance CEO Changpeng “CZ” Zhao has denounced rumors that the world’s largest cryptocurrency exchange is selling bitcoin (BTC) to prevent bnb (BNB) prices from falling below certain levels.

Binance did not sell BTC or BNB. Zhao tweeted early Wednesday, using his famous nickname “4.” He suggested there could be short interest Among members of the Crypto Twitter that fuels the supposed rumor.

On Tuesday, tweets from popular traders @JW100x and @52kskew went viral, which pointed to the short-term price correlation between selling Bitcoin (BTC) and buying BNB. The tweets have been viewed more than 3 million times cumulatively, according to Twitter data.

“USDT reserves into BNB have been aggressively injected since May 27th. BNB is being sold against BUSD to suppress volatility in BTC,” @52kskew tweeted. “BUSD is injected into BTC to suppress negative volatility so that BTC can be exchanged for USDT.”

Elsewhere, @JW100x said: “With Bitcoin spot selling, BNB buying, which advocates liquidation of $220 but also limits Bitcoin’s bullish potential. It’s a whole house of cards.”

CoinGecko data showed that BNB price increased by 6.6% over the past 24 hours while Bitcoin saw token declines.

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