Binance “FUD” fuels bearish BTC moves
The pair retraced its entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States.
The evidence, they suggested, simply did not stack up in bears’ favor.
“The craziest rumours and FUD going around on literally everybody in the crypto exchange business,” Michaël van de Poppe, founder and CEO of trading firm Eight, tweeted on the day.
A further post expanded on who those players are:
“Apparently the consensus is that Tether, Binance, DCG are all going to fall. Potentially even Michael Saylor. Clear, got it.”
“Interesting to see everyone suddenly so bearish on BTC as if it’s solely acting so weak. SPX is doing exactly the same, maybe even weaker,” he told followers, querying whether the “Binance fud” really had a role to play.
Research: Binance reserves data “makes sense”
Related: Why is the crypto market down today?
“To evaluate the information contained in Binance’s Proof-of-Reserves report, we compared the liabilities presented by Binance in the report to the on-chain metric data we have at CryptoQuant regarding Binance’s BTC Reserves (our estimation of the deposits made by Binance’s customers),” it explained in a blog post on Dec. 15.
“We discovered that the liabilities stated by Binance are highly similar to our assessment (99%).”
It added that the data Binance supplied about its liabilities “makes sense.”
No amount of reassurance was enough to console BTC price action on the day, however, with $17,000 barely holding at the time of writing.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.
The post Bitcoin dips under $17K as ‘craziest rumors’ over Binance sink BTC price appeared first on Crypto Breaking News.
- @ December 16, 2022 11:25 am