While the price of Bitcoin (BTC) decreased by a thousand dollars in a short time, the eyes were turned to possible reasons.
Bitcoin experienced a drop of close to a thousand dollars in the early hours of July 24. $28,900 from $29,800 While regressing to the band, 2 events in the market drew attention. With the decline, the market started to produce theories about what was behind the event this time. The main ones of these theories are Binance’s US subsidiary Binance.US. wash trading accusations and China’s economy It gave bad signals.
New Binance claim from WSJ
The most controversial claim ever made is Wall Street Journal (WSJ) came from the front. In a new report presented by the WSJ, Binance.US by the authorities on the day of its opening. A fake volume of 70 thousand dollars allegedly created. Binance CEO in a message seen by the WSJ Changpeng Zhao (CZ)“I think we did this” said.
A Binance spokesperson, who made a statement on the subject, denied the allegations and stated that such a thing would never be tolerated:
Binance does not, and never has, wash trading that violates our terms of use. Binance has a dedicated Market Surveillance team responsible for reviewing surveillance for potential abuse and/or manipulative behavior, including wash trading and trading price manipulation.
US wash trading so-called fake volume generation operations in 1936 had banned. If Binance is proven to be involved in such an event, there may be difficult days for the stock market. US Securities and Exchange Commission (SEC) In early June, it sued Binance and CZ, accusing the exchange of using client assets without permission and manipulating volumes.
Chinese influence in Bitcoin decline
In addition to all this regulatory pressure and uncertainty, it is also supported by China. bad signals came. In the financial reports released by the Chinese government recently, it was stated that the country’s economy is facing new challenges and the economic recovery will be challenging.
Market analysts at the beginning of 2023 China’s economy reopening and Pandemic He described the slow disappearance of its effects as an important positive signal for the cryptocurrency markets. But this is the current time hesitation brought about a proportionally negative effect.
However, the ruling Communist Party of China 24-member Politburo The absence of large-scale fiscal and monetary stimulus announcements in the latest statement published by A.Ş. has raised concerns.
According to CoinGecko data, in the last 24 hours 2.7% depreciation BTC, at the time of writing from $29,081 is being traded.