BNB suffered badly of the SEC bombardment last week. The Binance token that previously stabilized at $300 was down to $271 June 5. To restore value to its assets, CZ would have sold bitcoins. But the latter quickly denied these rumors.
Binance saves BNB
Ten days ago, the SEC decided to sue Binance to the point of making the skies of this crypto exchange cloudy. This attack had its consequences: drop in BNB pricefear of the collapse of the crypto industry as a whole, etc.
Faced with this, Binance chose to fight back. The company led by Changpeng Zhao, for example, has decided to suspend dollar deposits on its platform.
The radar of Cointelegraph recently spotted some suspicious maneuvers in the Binance ecosystem. The most popular exchange would have secretly sold bitcoins in order to ” artificially stabilize» the price of BNB.
” Binance and CZ sold bitcoin spot at an alarming rate to defend the $220 BNB selloff.
As spot bitcoin is sold, BNB is bought, which defends the $220 sell-off but also caps bitcoin’s upside potential.
It’s a real house of cards. »
Apart from JW, other Twittos have also unveiled the CZ scheme. To name only analyst Dylan LeClair and Cory Klippsten (CEO of Swan Bitcoin).
” Wash crazy trading on Binance right now, trying to pretend there is support for BNB. It looks so bad for CZ. »
” $BNB is being heavily washtraded to keep the price where it is.
Look carefully. I’ve drawn lines from when volume *starts* to rise, which always happens AFTER the price drops. It makes no sense to have more volume when the price is sideways than when it is down. »
CZ fights back
According to NEWS BTCthis practice of selling bitcoin spots to buy BNB is called “ liquidation cascade “. In general, crypto exchanges resort to this strategy to protect their users against possible losses.
But CZ isn’t one to sit idly by when it comes to his exchange.
” 4. Binance did not sell BTC or BNB. We even still have a bag of FTT.
It is amazing that they can know exactly who sold based on a simple price chart involving millions of traders. FUD. »
This is where analyst Joe Consort of The Bitcoin Layer asked CZ to issue an audited statement to end FUD. However, tempering is an activity in which the boss of Binance regularly engages.
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