Bitcoin dips under $17K as ‘craziest rumors’ over Binance sink BTC cost

Bitcoin (BTC) fell below $17,000 on 12 ,. 16 as traders cautioned of overreaction to “FUD” involving exchange Binance yet others.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Binance “FUD” fuels bearish BTC moves

Data from Cointelegraph Markets Pro and TradingView adopted BTC/USD because it place in multi-day lows of $16,928 on Bitstamp.

The happy couple retraced its entire go to one-month highs thanks to the most recent macroeconomic data and policy update in the U . s . States.

Among ongoing concerns over the solvency of largest global exchange Binance, market sentiment demonstrated what traders contended would be a obvious situation of cold ft.

Evidence, they recommended, simply didn’t compare in bears’ favor.

“The craziest rumours and FUD on offer on literally everyone within the crypto exchange business,” Michaël van de Poppe, founder and Chief executive officer of buying and selling firm Eight, tweeted at the time.

An additional publish expanded on who individuals players are:

“Apparently the consensus is the fact that Tether, Binance, DCG are likely to fall. Potentially even Michael Saylor. Obvious, first got it.Inches

Fellow trader and analyst Crypto Erectile dysfunction sounded equally skeptical, drawing focus on Bitcoin’s copycat comedown consistent with U.S. equities your day prior.

“Interesting to determine everybody all of a sudden so bearish on BTC as though it’s exclusively acting so weak. SPX does the identical, possibly even less strong,” he told supporters, querying if the “Binance fud” really were built with a role to experience.

BTC/USD versus. S&ampP 500 % change chart. Source: TradingView

Research: Binance reserves data “makes sense”

In study of Binance’s previous evidence of reserves statement, meanwhile, on-chain analytics platform CryptoQuant likewise found little proof of foul play.

Related: Exactly why is the crypto market lower today?

“To assess the information found in Binance’s Proof-of-Reserves report, we compared the liabilities presented by Binance within the are accountable to the on-chain metric data we’ve at CryptoQuant regarding Binance’s BTC Reserves (our estimation from the deposits produced by Binance’s customers),” it described inside a blog publish on 12 ,. 15:

“We learned that the liabilities mentioned by Binance are highly much like our assessment (99%).”

It added the data Binance provided about its liabilities “makes sense.”

No quantity of reassurance was enough to console BTC cost action at the time, however, with $17,000 barely holding during the time of writing.

Popular trader Crypto Tony thus announced entry of “the next wave lower for that bears,” among ongoing predictions of the cycle low at $12,000 or under.

“BTC all not surprisingly … when we consolidate for some time above 16900 I’ll open a lengthy …. still patient for the time being,” fellow trader Elizy authored inside a fresh update.

This short article doesn’t contain investment recommendations or recommendations. Every investment and buying and selling move involves risk, and readers should conduct their very own research when making the decision.

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