Binance debunks claims it bought Bitcoin dip

Binance’s founder and CEO Changpeng Zhao has debunked claims that the Crypto exchange bought US$2 billion worth of Bitcoin as reported by media over the weekend.

At least two news sites reported that Binance had bought the Bitcoin dip, buying around 101,266 Bitcoin.

The report cited movements to a Binance cold wallet.

“Another wrong article,” Zhao tweeted on Monday. “When Binance cold wallet increases, it means more users deposited to Binance.”

On Monday morning Asia time, Bitcoin’s price recovered above US$20,000 after falling to as low as US$17,708 on Sunday.

Withdrawals on the Binance Bitcoin network were paused last week as Zhao said a stuck transaction caused a backlog.

The exchange resolved the issue within a few hours.