Binance’s CZ Hits Back on Rumors of Selling Bitcoin (BTC) for BNB Coin (BNB)

Binance CEO Changpeng “CZ” Zhao dispelled rumors that the world’s largest crypto exchange has sold bitcoin (BTC) to prevent bnb coin (BNB) prices from falling below certain levels.

“Binance has not sold BTC or BNB. We even still have a bag of FTT,” Zhao tweeted early Wednesday, using his infamous “4” moniker. He suggested it could be short interest among Crypto Twitter members fueling the supposed rumors.

On Tuesday, tweets from popular traders @JW1[ads1]00x and @52kskew, pointing to short-term price correlations between a sell of bitcoin (BTC) and a buy of BNB, went viral. The tweets were viewed over 3 million times cumulatively, according to Twitter data.

“USDT reserves have been aggressively pumped into BNB since May 27. BNB is being sold out for BUSD to suppress volatility in BTC,” tweeted @52kskew. “BUSD is pumped into BTC to suppress volatility on the downside, allowing BTC to be exchanged for USDT.”

Elsewhere, @JW100x said: “When spot Bitcoin is sold, BNB is bought, which defends the $220 liquidation but also limits the upside potential of Bitcoin. It’s a total house of cards”

BNB prices have risen 6.6% in the past 24 hours while bitcoin has seen nominal falls, CoinGecko data shows.

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