Binance Founder: Company Didn’t Buy $2 Billion Worth of Bitcoin

Time Stamp: June 20, 2022 2:10 AM
Source Node: 1471742

Binance’s founder and CEO Changpeng Zhao confirmed in a tweet on Monday that the company did not buy $2 billion worth of Bitcoin over the weekend, as reported by the media. Binance purchased the dip and acquired about 101,266 Bitcoin, according to at least two news outlets, citing moves to a Binance cold wallet. On Monday, Zhao tweeted, “Another false article.” “A rise in Binance cold wallets suggests more people have deposited money in Binance.” According to CoinMarketCap data, Bitcoin’s price returned above US$20,000 on Monday AM Asia time after dipping as low as US$17,708 on Sunday. Last week, withdrawals on the Binance Bitcoin network were halted due to a backlog created by a stopped transaction, according to Zhao. The issues were fixed within a few hours. Another wrong article. When #Binance cold wallet increases, it means more users deposited to #Binance. This journalist doesn’t seem to under the concept of cold wallets for exchanges. 😂 » Breaking: Binance Buys The Dip, Adds 101,266 Bitcoin https://t.co/RbrAHiUL2t — CZ 🔶 Binance (@cz_binance) June 19, 2022   After a Weekend Drop, Bitcoin Surpassed US$20,000 According to CoinMarketCap, bitcoin’s price climbed beyond the US$20,000 barrier Monday morning in Asia after sliding as low as US$17,708 on Sunday – its most down position since December 2020. The world’s most valuable cryptocurrency rose more than 7% in the last day, trading at US$20,504 at the time of publication. After plunging to US$896, Ethereum gained 14% in the last 24 hours and was trading at US$1,125 at the time of publication. For the sixth day in a row, the cryptocurrency market has a value of less than $1 trillion as fears of a “crypto winter” grew.

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