Changpeng “CZ” Zhao has debunked claims that Binance has been keeping BNB coin afloat by selling bitcoin (BTC).
Zhao tweeted that “Binance have not sold BTC or BNB.” He suggested there could be short interest among Crypto Twitter members fueling the supposed rumors.
Tweets from popular traders @JW100x and @52kskew pointing out short-term price correlations between a sell-off in bitcoin (BTC) and a purchase of BNB went viral on Tuesday.
The tweets gathered over 3 million views cumulatively, as per Twitter data.
@52skew tweeted on Tuesday that “USDT reserves have been pumped into BNB aggressively since 27th May. BNB is being sold off for BUSD to suppress volatility in BTC.”
Elsewhere, @JW100x said: “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”