Binance CEO Hits Back at Rumors of Exchange Selling Bitcoin for BNB Coin
Crypto traders on Twitter are citing data that suggests bitcoin has been traded to keep BNB afloat.
Jun 14, 2023 at 6:25 a.m. UTC
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Binance CEO Changpeng "CZ" Zhao dispelled rumors that the world’s largest crypto exchange has been selling bitcoin (BTC) to keep the prices of bnb coin (BNB) from falling below certain levels.
“Binance have not sold BTC or BNB. We even still have a bag of FTT,” Zhao tweeted early on Wednesday, using his infamous “4” moniker. He suggested there could be short interest among Crypto Twitter members fueling the supposed rumors.
On Tuesday, tweets from popular traders @JW100x and @52kskew, which pointed to short-term price correlations between a sell-off in bitcoin (BTC) and a purchase of BNB, went viral. The tweets were viewed over 3 million times cumulatively, as per Twitter data.
“USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC,” @52kskew tweeted. “BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT.”
Elsewhere, @JW100x said: “As spot Bitcoin is sold off, BNB is purchased, which defends the $220 liquidation but also caps the upside potential of Bitcoin. It is a total house of cards”
BNB prices are up 6.6% in the past 24 hours while bitcoin has seen nominal declines, CoinGecko data shows.
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Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.