Binance CEO denies selling Bitcoin amid market manipulation allegations
Binance CEO Champagne ‘CZ’ Chao deny rumors According to a June 13th tweet, his exchange was selling bitcoin to protect the price of BNB.
CZ tweeted that “Binance has sold neither BTC nor BNB,” adding that the exchange still holds a “sack” of bankrupt FTX’s FTT.
Zhao’s statement was in response to several market analysts who claimed that Binance was wash-trading BNB’s volume to keep the price above a certain threshold. Mr CZ said:
“It’s amazing to be able to figure out exactly who sold based solely on price charts involving millions of traders. Fudd.”
market speculation
On June 12, cryptocurrency analyst JW claimed that Binance was selling “spot bitcoin at an alarming rate” to prevent the BNB price from falling below $220. JW Said:
“When spot bitcoin is sold, BNB is bought, which protects the $220 liquidation, but also limits bitcoin’s upside potential.”
Technical Analysis Platform Skew backed up A statement from JW claims that Binance has been selling BTC for USDT and it appears to have been injected into BNB since May 27.
The platform further pointed out that BNB is being sold in favor of BUSD to reduce BTC’s volatility. He further added:
“This is technically market manipulation and Binance is definitely up to something to prevent BNB and BTC from crashing.”
Meanwhile, market analyst Joe Consorti said: It pointed out Abnormal price movements on Binance. Mr Consolti added:
“Massive selling pressure on Bitcoin, unseen on other exchanges. Further cannonball material that they may sell spot BTC to support BNB.”
According to these analysts, Binance was holding onto the $220 level to prevent a “liquidation waterfall.” crypto slate The Binance BNB ecosystem faces a liquidation of $200 million if the price drops below $220.
BNB gains 5%
Despite the allegations and regulatory challenges surrounding Binance, BNB is reportedly up about 5% over the past 24 hours to $246.96 at the time of writing. of crypto slate data. Meanwhile, BTC fell 0.88% to $25,924.
BNB is one of a number of digital assets labeled as security by the SEC in its June 5 lawsuit against Binance, which the exchange is contesting.
Binance CEO Denies Selling Bitcoin Amid Market Manipulation Allegations, First Posted On CryptoSlate.
