BNB Leads the Market. Here is The Reason for its Sudden Increase

BNB Leads the Market. Here is The Reason for its Sudden Increase
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The price of the BNB token has been surging considerably, with several people believing that Binance is selling Bitcoin to stabilize the token. Such statements come from a number of analysts in the crypto market that accuse the exchange of intentionally manipulating the market to artificially inflate the trading price of BNB. People believe that BNB is clearly a fake market right now, and it is trading with less realized volume in comparison to Bitcoin.

It is also rumored that the exchange is involved in wash trading to make it seem that there is real support for the token. Wash trading is a way of market manipulation in which the trader sells off an asset, and buys it again shortly after to boost its demand and to make it seem that there is increased activity in the market. Not too long ago, the SEC sued Binance for violating the securities law and indulging in wash trading via its undisclosed market making firm, Sigma Chain. The exchange and its CEO, Changpeng Zhao, have denied all allegations. 

At the time of writing, BNB has surged by an impressive 6.46% in the previous 24 hours. The increase has pushed the trading price up to almost $249.40, and the total market cap stands at $39 billion. Keeping the current situation in mind, it is still a mystery whether or not the price of BNB is artificially manipulated, or if actual investors are behind the increase. For now, the crypto community is waiting to see how the story unfolds. 

BNB leads the market. and its going up non stop

Changpeng Zhao Denies Allegations of BNB Price Manipulation

With analysts pointing fingers toward Binance’s possible manipulation of BNB, Changpeng Zhao had to jump in to make clarifications. Through his tweet, CZ argued that Binance did not sell any Bitcoin or BNB.  

He clapped back at the people making these allegations by stating that it is rather surprising how they can make assumptions based on charts that involve millions of traders. As a response to CZ’s tweet, Consorti asserted that the exchange must present an audited statement as a means of proving that Binance does not have any BNB-collateralized liabilities in order for the FUD to end.  


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