2 years ago
Binance CEO Changpeng ‘CZ’ Zhao denied rumors that his speech was selling Bitcoin to support BNB’s price, according to a June 13 tweet.
CZ tweeted that “Binance person not sold BTC oregon BNB,” adding that the speech inactive holds “a bag” of bankrupt FTX’s FTT.
Zhao’s connection responded to respective marketplace analysts who alleged that Binance was wash-trading BNB’s trading volume to support its terms supra a definite threshold. CZ said:
“It is astonishing they tin cognize precisely who sold based connected conscionable a terms illustration involving millions of traders. FUD.”
Market speculations
On June 12, crypto expert JW alleged Binance was selling “spot Bitcoin astatine an alarming rate” to support BNB’s terms from dropping beneath $220. JW said:
“As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but besides caps the upside imaginable of Bitcoin”
Technical investigation level Skew corroborated JW’s statement, claiming Binance appears to person been selling BTC for USDT, which is past pumped into BNB since May 27.
The level further noted that BNB was being sold disconnected for BUSD to suppress BTC volatility. It added:
“This is technically marketplace manipulation, Binance is decidedly up to thing present to forestall BNB from crashing arsenic good BTC.”
Meanwhile, marketplace expert Joe Consorti pointed out that determination was an antithetic terms enactment connected Binance. Consorti added:
“Loads of selling unit connected bitcoin not contiguous connected different exchanges. More cannon fodder that they whitethorn beryllium selling spot BTC to prop up BNB.”
According to these analysts, Binance was defending the $220 level to forestall a “liquidation waterfall.” CryptoSlate reported that Binance’s BNB ecosystem faces a $200 cardinal liquidation if its terms falls beneath $220.
BNB is up 5%
Despite the allegations and regulatory challenges surrounding Binance, BNB is up astir 5% successful the past 24 hours to $246.96 astatine the clip of writing, according to CryptoSlate’s data. On the different hand, BTC is down 0.88% to $25,924.
BNB is 1 of the galore integer assets the SEC labeled information successful its June 5 lawsuit against Binance—a complaint disputed by the exchange.
The station Binance CEO denies selling Bitcoin amid marketplace manipulation allegations appeared archetypal connected CryptoSlate.
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