Binance CEO denies rumors that he is selling BTC to maintain BNB price | CoinDesk JAPAN | Coin Desk Japan

Changpeng Zhao, CEO of Binance CZ, said that the world’s largest cryptocurrency (virtual currency) exchange will not lower the price of Binance Coin (BNB) below a certain level. ) has been sold.

“Binance sells neither BTC nor BNB. We still have FTT bags too,” Zhao tweeted early on June 14 with a “4” (“4” according to Zhao). means “ignore FUD, fake news, attacks, etc.”).He said that some member of Crypto Twitter fueled this rumor.short salesuggested the possibility of

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

On June 13, a tweet by popular traders @JW100x and @52kskew went viral pointing to the short-term price correlation between selling Bitcoin (BTC) and buying BNB. The tweet has been viewed more than 3 million times, according to Twitter data.

“Since May 27, Tether (USDT) reserves have been actively injected into BNB. BNB has been sold to Binance USD (BUSD) to curb BTC volatility.” 52kskew tweeted. “BUSD is being injected into BTC to curb downside volatility so that BTC can be exchanged for USDT.”

Elsewhere, @JW100x tweeted: “When Bitcoin sells off in the spot, BNB is bought, holding the $220 level, but also capping Bitcoin’s upside potential.

Binance and CZ have been selling spot Bitcoin at an alarming rate, to defend the $BNB $220 liquidation waterfall

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 pic.twitter.com/ils8nsQiXd

—JW (@JW100x) June 13, 2023

CoinGecko data shows that BNB price is up 6.6% in the 24 hours to the time of writing, while Bitcoin is nominally down.

｜Translation: coindesk JAPAN
｜Editing: Toshihiko Inoue
｜Image: Shutterstock
｜ Original: Binance CEO Hits Back at Rumors of Exchange Selling Bitcoin for BNB Coin