2023-6-14 13:01 |
Quick Take CryptoSlate reported that if the price of the token BNB were to fall past $220, this could create a $200 million liquidation. In the past month, BNB has dropped 20%, fell as low as $224, but is now back up around $247. Reports from the Twitter account Skew suggest that a trend has emerged since 27 May. Bitcoin is being sold off for USDT. USDT has been used to purchase BNB aggressively since 27th May. BNB is also being sold for BUSD, which suppresses the volatility in BTC. Finally, BUSD is being traded into BTC, suppressing downside volatility, meaning BTC can be swapped out for USDT, completing the cycle. Therefore, the Bitcoin selling pressure seems to be coming from the Binance exchange, though whether a single entity is behind any of the mentioned trades is unclear. CZ has denied the claims that Binance has sold BTC or BNB, as per community concerns. Data Trends: (Source: @JW100x) Source: Glassnode
The post A trend that is playing out to defend the BNB $220 liquidation level appeared first on CryptoSlate.
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