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Binance CEO Denies All Media Reports Claiming Binance Bought 101,266 Bitcoin On The Dip

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Binance CEO Refutes Claims That The Exchange Spent $2 Billion On Buying The Bitcoin Dip.



CEO Changpeng Zhao commonly known as CZ has clarified that Binance didn’t buy any Bitcoin over the weekend.

Over the weekend, a few news websites went all out to claim that the Binance exchange was buying the Bitcoin dip. This was at a time was BTC’s price had fallen below the $20k mark. Apparently, the reports cited an instance where Binance transferred around 101,266 BTC to a cold wallet. The exchange doesn’t deny transferring the coins but refutes any suggestion that it bought the dip.

Cold Wallets

Crypto cold wallets have been a relatively popular option for crypto storage, especially by whales or top exchanges. Basically, cold wallets are wallets that are kept offline. They’re mainly in the form of hardware devices that can be plugged into a computer.

These are different from hot wallets that are kept online with an active internet connection. For example, trading taking place on exchanges is on hot wallets. While, exchanges mostly keep their funds in cold wallets as security away from the internet to avoid any hacking attempts.

What Happened?

According to a recent tweet by Binance CEO CZ, the exchange was merely transferring its BTC holdings to a cold wallet due to more users buying the crypto on the exchange. Granted, crypto investors are known to accumulate more holdings during downturns, and this may have been the case when BTC dropped to below $20k and $19k over the weekend.

“Another wrong article. When cold wallet increases, it means more users deposited to #Binance.”

As a matter of fact, the drop caused a buzz in the crypto community, especially crypto Twitter, calling for the bottom. It’s safe to assume that a lot of investors moved in to accumulate, and this gives credence to CZ’s explanation.

Bitcoin Price No Longer Under $20k

While the weekend, especially Saturday, was a painful moment for Bitcoin, the crypto seems to have gathered its strength and made its way back up to the $20k range before pulling back to just a little under $20k. Bitcoin is currently trading at $19,903.

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Disclaimer

The content is for informational purposes only and may include the author’s personal opinion, and does not necessarily reflect the opinion of TheCryptoBasic. All Financial investments, including crypto, carry significant risk, so always do your complete research before investing. Never invest money you cannot afford to lose; the author or the publication does not hold any responsibility for your financial loss or gains.

Mark Brennanhttps://thecryptobasic.com/
Mark Brennan has been active in the cryptocurrency sector since 2014. His love and passion for the nascent industry drove him to develop interest in writing about important developments and updates about cryptocurrencies and blockchain. Brennan, who holds a Masters degree in Business Administration, learned about the potential of blockchain technology. Aside from crypto journalism, Brennan runs an education center, where he educates people about the asset class.

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