Bitcoin (BTC) has slumped below $17,000 amid rumors that an exchange has lowered its price. Investors were more cautious than ever, as the allegations were about centralized exchanges.
This news is driving Bitcoin price into the abyss
The news about Binance in recent days has dragged the Bitcoin price below $17,000 on December 16 as the FUD spread among investors. The leading crypto is trading at $16,844.22, down 3.5% at the time of writing. It has melted from $ 17,505.53 to these levels in the last 24 hours.
Bitcoin hit one-month highs on December 14, thanks to the latest macroeconomic data and policy update from the US. Subsequently, ongoing concerns about Binance’s solvency have pushed investors into a state of shyness. “The craziest rumors and FUD literally circulating about anyone in the crypto-exchange business,” tweeted at a time when Binance’s withdrawal request exceeded $500 million, noted crypto analyst Michaël van de Poppe.
Data from Coinglass shows that Binance’s BTC balance decreased by over 30,000 BTC on Dec. However, crypto companies have also come under fire. “It seems that the consensus is that Tether, Binance and DCG will go down,” Poppe said. Potentially even Michael Saylor.” he hinted at potential bankruptcies.
Market analysts also point to the impending danger
Crypto analyst Crypto Ed was equally skeptical of the trend. He pointed out that Bitcoin has fallen in line with US stocks. “It’s interesting to see everyone suddenly go this low in BTC, as if they were just acting very poorly. SPX does exactly the same thing, maybe getting weaker,” he questioned his followers, questioning whether “Binance FUD” really played a role.
Research: Binance stores data “logically”
Meanwhile, inconsistencies had emerged in Binance’s previous evidence of reserves. However, on-chain analytics platform CryptoQuant says it has found little evidence of a scam. A blog post on December 15 stated:
We discovered that the obligations stated by Binance were quite similar to our assessment (99%).
The analytics firm adds that the data Binance provides on its liabilities “makes sense.” However, no assurance was enough to consolidate the BTC price action during the day. At the time of writing, the $ 17,000, which is increasingly distant, attests to continued sales. Popular trader Crypto Tony thus announced the entry of the “next wave for the bears” amid continued predictions of a cycle low of $12,000 or below.
Another analyst, Elizy, said in the new update, “If we consolidate above 16900 for a while, I will take a long position. For now, he prefers to be patient.” cryptocoin.com The new analyzes we have quoted offer a different view.
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