Binance CEO Changpeng CZ Zhao has denied rumors that the world’s largest crypto exchange has been selling Bitcoin (BTC) to keep the prices of BNB coin (BNB) from falling. In a tweet, Zhao stated, Binance have not sold BTC or BNB. We even still have a bag of FTT. He suggested that the rumors may have been fueled by short interest among Crypto Twitter members.
The rumors were sparked by 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. @52kskew tweeted, USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC. @JW100x added, 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.
Despite the rumors, BNB prices have seen a 6.6% increase in the past 24 hours, while Bitcoin has seen nominal declines, according to CoinGecko data.