{"id":537822,"date":"2023-06-14T08:10:49","date_gmt":"2023-06-14T08:10:49","guid":{"rendered":"https:\/\/wncen.com\/?p=537822"},"modified":"2023-06-14T11:03:19","modified_gmt":"2023-06-14T11:03:19","slug":"fud-or-real-binance-selling-bitcoin-to-prop-up-bnb","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/fud-or-real-binance-selling-bitcoin-to-prop-up-bnb\/","title":{"rendered":"FUD Or True: Is Binance Selling Bitcoin To Prop Up BNB?"},"content":{"rendered":"

Despite the recent flood of major news in the crypto sector, one topic is more hotly debated than any other at the moment: Is Binance selling Bitcoin on the spot market to prop up the Binance Coin (BNB)? NewsBTC already reported<\/a> yesterday that the rumor emerged after crypto trader “JW” drew attention to eye-catching data.<\/p>\n

However, the rumor stands on shaky legs and data. Still, there are a few data points that experts are calling striking. Popular trader @52Skew stated that he can confirm that “it looks like BTC is being sold for USDT reserves”.<\/p>\n

Via Twitter, the crypto trader shared the chart below and explained that USDT reserves have been aggressively pumped into BNB since May 27th. Moreover, BNB is supposedly being sold to BUSD in order to suppress the volatility of BTC:<\/p>\n

BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT. This is technically market manipulation, Binance is definitely up to something here to prevent BNB from crashing as well as BTC.<\/strong><\/p><\/blockquote>\n

\"Binance
Binance Bitcoin and BNB CVDs | Source: Twitter @52Skew<\/a><\/figcaption><\/figure>\n

Binance CEO Changpeng Zhao aka “CZ” felt compelled to respond to the allegations a few hours ago. Via Twitter, CZ called the trader’s allegations “FUD” and questioned<\/a> the data.<\/p>\n

Related Reading: Binance CEO Controversial Move: Selling Bitcoin To Save BNB?<\/a><\/div>\n

“4. Binance has 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,” writes Zhao, who also accuses the trader of self-serving intentions: “Maybe they are shorting… who knows.”<\/p>\n

Renewed Binance FUD Or Real?<\/h2>\n

However, the voices about unusual price action on Binance are increasing. Joe Consorti, market analyst at The Bitcoin Layer, states that there is a lot of selling pressure on Bitcoin on Binance that is not present on other exchanges:<\/p>\n

More cannon fodder that they may be selling spot BTC to prop up BNB. The $220 level is being staunchly defended – may be a liquidation level for a BNB collateralized loan.<\/strong><\/p><\/blockquote>\n

As reported<\/a> by NewsBTC, BNB is facing a potentially disastrous situation following an exploit on Binance Smart Chain’s Binance Bridge. The exploiter could be liquidated for $200 million on Venus Decentralized Autonomous Organization (DAO) if BNB’s price falls below $220.<\/p>\n

Related Reading: BNB Price Prediction: Recovery Could Fade Above $260<\/a><\/div>\n

In light of this, “Binance critics” suspect that the exchange wants to keep BNB above $220 at all costs to prevent a “liquidation waterfall”. However, the CVD data is not really capable of proving this rumor true.<\/p>\n

The cumulative volume delta (CVD) shows the cumulative volume changes based on the trading volume of aggressive sellers versus aggressive buyers. This allows a judgment to be made on the volume of an asset, but not on the source of the volume.<\/p>\n

Therefore, until further evidence is presented, the rumor must be dismissed as just that: a rumor. Even if the CVD data shows an anomaly, this may be due to exceptional market activity on the world’s largest crypto exchange.<\/p>\n

At press time, the BNB price is up 5.4% in the last 24 hours, trading at $248. Meanwhile, Bitcoin is slightly down -0.8% in the same time period.<\/p>\n

\"Binance
BNB defies the news, 1-day chart | Source: BNBUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Markus Winkler \/ Unsplash, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Despite the recent flood of major news in the crypto sector, one topic is more hotly debated than any other at the moment: Is Binance selling Bitcoin on the spot market to prop up the Binance Coin (BNB)? NewsBTC already reported yesterday that the rumor emerged after crypto trader “JW” drew attention to eye-catching data. However, the rumor stands on shaky legs and data. Still, there are a few data points that experts are calling striking. Popular trader @52Skew stated that he can confirm that “it looks like BTC is being sold for USDT reserves”. Via Twitter, the crypto trader shared the chart below and explained that USDT reserves have been aggressively pumped into BNB since May 27th. Moreover, BNB is supposedly being sold to BUSD in order to suppress the volatility of BTC: BUSD is pumped into BTC to suppress downside volatility so BTC can be swapped out for USDT. This is technically market manipulation, Binance is definitely up to something here to prevent BNB from crashing as well as BTC. Binance CEO Changpeng Zhao aka “CZ” felt compelled to respond to the allegations a few hours ago. Via Twitter, CZ called the trader’s allegations “FUD” and questioned the data. Related Reading: Binance CEO Controversial Move: Selling Bitcoin To Save BNB? “4. Binance has 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,” writes Zhao, who also accuses the trader of self-serving intentions: “Maybe they are shorting… who knows.” Renewed Binance FUD Or Real? However, the voices about unusual price action on Binance are increasing. Joe Consorti, market analyst at The Bitcoin Layer, states that there is a lot of selling pressure on Bitcoin on Binance that is not present on other exchanges: More cannon fodder that they may be selling spot BTC to prop up BNB. The $220 level is being staunchly defended – may be a liquidation level for a BNB collateralized loan. As reported by NewsBTC, BNB is facing a potentially disastrous situation following an exploit on Binance Smart Chain’s Binance Bridge. The exploiter could be liquidated for $200 million on Venus Decentralized Autonomous Organization (DAO) if BNB’s price falls below $220. Related Reading: BNB Price Prediction: Recovery Could Fade Above $260 In light of this, “Binance critics” suspect that the exchange wants to keep BNB above $220 at all costs to prevent a “liquidation waterfall”. However, the CVD data is not really capable of proving this rumor true. The cumulative volume delta (CVD) shows the cumulative volume changes based on the trading volume of aggressive sellers versus aggressive buyers. This allows a judgment to be made on the volume of an asset, but not on the source of the volume. Therefore, until further evidence is presented, the rumor must be dismissed as just that: a rumor. Even if the CVD data shows an anomaly, this may be due to exceptional market activity on the world’s largest crypto exchange. At press time, the BNB price is up 5.4% in the last 24 hours, trading at $248. Meanwhile, Bitcoin is slightly down -0.8% in the same time period. Featured image from Markus Winkler \/ Unsplash, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":537823,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[10768,428,11427,1119,6664],"class_list":["post-537822","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-binance","tag-bitcoin","tag-bnb","tag-btc","tag-crypto"],"acf":[],"yoast_head":"\nFUD Or True: Is Binance Selling Bitcoin To Prop Up BNB?<\/title>\n<meta name=\"description\" content=\"Despite the recent flood of major news in the crypto sector, one topic is more hotly debated than any other at the moment: Is Binance selling Bitcoin on\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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Through his extensive work with wncen.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field. His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone. With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control. For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality. As a journalist, Jake\u2019s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies. In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it\u2019s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake\u2019s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time. You can engage with his latest takes on Twitter: @realJakeSimmons.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"FUD Or True: Is Binance Selling Bitcoin To Prop Up BNB?","url":"http:\/\/wncen.com\/news\/fud-or-real-binance-selling-bitcoin-to-prop-up-bnb\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/fud-or-real-binance-selling-bitcoin-to-prop-up-bnb\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/markus-winkler-BCvjjPU5RG4-unsplash-e85.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/markus-winkler-BCvjjPU5RG4-unsplash-e85.jpg?fit=640%2C732"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["binance","bitcoin","bnb","btc","crypto"],"dateCreated":"2023-06-14T08:10:49Z","datePublished":"2023-06-14T08:10:49Z","dateModified":"2023-06-14T11:03:19Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"FUD Or True: Is Binance Selling Bitcoin To Prop Up BNB?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/fud-or-real-binance-selling-bitcoin-to-prop-up-bnb\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/fud-or-real-binance-selling-bitcoin-to-prop-up-bnb\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/markus-winkler-BCvjjPU5RG4-unsplash-e85.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/06\\\/markus-winkler-BCvjjPU5RG4-unsplash-e85.jpg?fit=640%2C732\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"binance\",\"bitcoin\",\"bnb\",\"btc\",\"crypto\"],\"dateCreated\":\"2023-06-14T08:10:49Z\",\"datePublished\":\"2023-06-14T08:10:49Z\",\"dateModified\":\"2023-06-14T11:03:19Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/06\/markus-winkler-BCvjjPU5RG4-unsplash-e85.jpg?fit=640%2C732","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537822"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=537822"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/537822\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/537823"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=537822"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=537822"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=537822"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}