Binance is causing concern among the crypto community following a report that claimed the exchange was selling large amounts of Bitcoins and Ethereum. Binance’s recent selloff trend on social media was noted by AB Kuai.Dong, a participant in the market known as @_FORAB. He noted that Binance was allegedly selling its Bitcoin and Ethereum.
Was Binance responsible for the market crash?
Crypto market is growing endured a turbulent two weeksBitcoins at your fingertips center of a series Prices can crash. Bitcoin dropped to $92,000 in February, which was the beginning of a downward spiral. BTC briefly recovered on February 11 and reached $98,000, but the recovery was short-lived. Bitcoin is a cryptocurrency that has gained in popularity. since struggled to regain momentum The average price is around $95,000.
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It’s not surprising that the price drop of Bitcoin has rippled through the entire market and impacted other cryptos. Bitcoin’s local low was reached on the same day. Ethereum fell below $2,470.
The following are some of the ways to get in touch with us. noted by AB Kuai.Dong, Binance It is possible that the decline was caused by a combination of factors. Binance’s crypto holdings have dropped dramatically in the last few days, according to data. AB Kuai.Dong in particular noted that Binance allegedly had been selling a massive part of their crypto holdings. These include Bitcoin, Ethereum Solana BNB as well as some stablecoins.
Binance experienced a dramatic 94.1% decrease in Bitcoin between January-February, as revealed by on-chain data. Ethereum saw a greater outflow, with balances dropping by 99.9% in the same period. BNB, Solana and Tether USDT were also reduced by 16,6%, 99.9% and 99.9%.
AB Kuai.Dong pointed out that these assets are primarily revenue from the past generated by the platform, and not user funds. The CEO also noted that USDC had increased by 57% in Binance’s wallets after the majority of cryptocurrency sales were converted to USDC.
Binance Responses To Market Crash Allegations
AB Kuai.Dong gained traction quickly amongst crypto investors and traders on X. This was especially true for those looking for an explanation for the recent decline in Bitcoin and Ethereum. The largest crypto exchange on the planet, A. major selloff The worst thing that could happen is for Binance to take over the cryptocurrency involved.
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Binance, however, was quick to respond, categorically denying it sold any assets. In an announcement made on X. the exchange clarified Binance Treasury explained that the observed change was simply an accounting internal adjustment. Binance assured its users their funds were as safe and secure.
Bitcoin has dropped by 2.6% since the previous 24 hours. Ethereum, which is currently trading at $2.600 is down 4.2% in the last 24 hours.
Featured Image from Unsplash. Chart by Tradingview.com
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Source: www.newsbtc.com
