Binance CEO Changpeng “CZ” Zhao dispelled rumors that the world’s largest crypto trade has been promoting bitcoin (BTC) to maintain the costs of bnb coin (BNB) from falling beneath sure ranges.
“Binance haven’t offered BTC or BNB. We even nonetheless have a bag of FTT,” Zhao tweeted early on Wednesday, utilizing his notorious “4” moniker. He steered there might be short interest amongst Crypto Twitter members fueling the supposed rumors.
On Tuesday, tweets from fashionable merchants @JW100x and @52kskew, which pointed to short-term worth correlations between a sell-off in bitcoin (BTC) and a purchase order of BNB, went viral. The tweets have been considered over 3 million instances cumulatively, as per Twitter information.
“USDT reserves have been pumped into BNB aggressively since twenty seventh Might. BNB is being offered off for BUSD to suppress volatility in BTC,” @52kskew tweeted. “BUSD is pumped into BTC to suppress draw back volatility so BTC could be swapped out for USDT.”
Elsewhere, @JW100x stated: “As spot Bitcoin is offered off, BNB is bought, which defends the $220 liquidation but in addition caps the upside potential of Bitcoin. It’s a complete home of playing cards”
BNB costs are up 6.6% previously 24 hours whereas bitcoin has seen nominal declines, CoinGecko information reveals.