Binance, a cryptocurrency exchange, has faced challenges recently due to negative market news and increased regulatory scrutiny. Most recently, Checkout.com ended its partnership with Binance for payment processing. There are also rumors circulating that Binance is selling Bitcoin on the spot market to support the price of its native token, BNB.
🌎《Now you can now start trading at TNNS PROX》📈
🔥Start trading today, click "sign up" from the link above.
Is Binance boosting BNB price with Bitcoin sales?
The rumor originated from a post made by @WhaleChart on X (formerly Twitter), claiming that Binance is allegedly selling Bitcoin on the spot market to support the price of its own token, BNB.
BREAKING: Binance is allegedly selling Bitcoin to support the price of their own token BNB — Whale (@WhaleChart) August 22, 2023
There is a rumor circulating that Binance, a major holder of both Bitcoin and BNB, may be manipulating the market due to the recent struggles of BNB's price. However, there is no concrete evidence to support this claim and both Bitcoin and BNB have been experiencing a decline in prices over the past week. It should be noted that Binance has faced similar allegations in the past, with one analyst claiming they were selling Bitcoin to boost the price of BNB. Nonetheless, it is important to approach these rumors with caution and wait for further information before drawing any conclusions.
Binance CEO Changpeng Zhao (CZ), however, denied the allegations, dismissing them as an attempt to spread fear, uncertainty, and doubt (FUD).
4. Binance have not sold BTC or BNB. We even still have a bag of FTT. It is amazing they can know exactly who sold based on just a price chart involving millions of traders. FUD. 🤷♂️ pic.twitter.com/M3MUH2bFRE — CZ 🔶 Binance (@cz_binance) June 13, 2023
Binance, the largest cryptocurrency exchange in the world, has been subject to intense scrutiny despite unproven theories. Cryptocurrencies such as BNB, which rely on BEP20 and BEP2 token standards, are heavily dependent on Binance. However, there is no concrete evidence that the exchange has manipulated the prices of any of these tokens. The price of BNB has recently decreased significantly due to market corrections, with BTC falling more than 8% in a matter of minutes last week. As a result, BNB's price has dropped to $209.44, a decrease of 12.33% in the past few days. To prevent further price drops, the BNB Chain had to manually liquidate a $200 million position on the Venus DEFI protocol, which would have been liquidated if BNB dropped below $220. At present, BNB is the fourth largest cryptocurrency, with a market capitalization of $32.2 billion. Is Binance boosting BNB price with Bitcoin sales?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Comments