The post Crypto News: Is Binance Purchasing BTC To Defend BNB? appeared first on Coinpedia Fintech News
As the rumbling waves of crypto controversy continue to crash, all eyes are on the popular crypto-exchange giant Binance, its enigmatic CEO Changpeng Zhao (CZ), and the platform’s native token Binance Coin (BNB). Allegations of purchasing Bitcoin (BTC) to support BNB and potential fraud investigations by the Department of Justice (DOJ) have put the company in the crosshairs of speculators and investigators alike.
Binance Is Purchasing BTC To Defend BNB – DOJ FRAUD BINANCE ⟶ via https://t.co/lsTr6NEvET https://t.co/GsQ6YTd1xq pic.twitter.com/968QIAvrwD
— Crypto Trader Pro (@CryptoTraderPro) August 3, 2023
Binance’s Strategy: Is BTC a Lifeline for BNB?
In the centre of the storm is an intriguing pattern involving Bitcoin and Binance Coin. An analysis of market data indicates that whenever BNB starts to look weak, there’s a surge of altcoin selling, which gets converted
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