Bitcoin Dips Under $17k As ‘Craziest Rumors’ Over Binance Sink BTC Prize

Bitcoin is a digital currency in which a transaction is maintained and also new units of currency are generated. Bitcoin fell below $17,000 on Dec, 16 as the traders warned of overreaction to ”FUD”. 

Binance FUD Fuels The Bearish BTC Moves: 

Some data from the Trading view and Cointelegraph Markets Pro following BTC/USD as it has left $16,928 on Bitstamp. The pair has retraced their entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States. 

There have been ongoing concerns over how to solve the largest global exchange Binance, the market showed that what the traders kept arguing about was the case of cold feet. The evidence simply did not stack up in the bears’ favor. 

Crypto Ed brought light to Bitcoin’s copycat comedown and stated 

”Interesting to see everyone suddenly so bearish on BTC as if it’s solely acting so weak. SPX is doing exactly the same, maybe even weaker”. 

Michael van de Poppe CEO and founder of trading firm Eight tweeted, ”the craziest rumors and FUD going around on literally everybody in the crypto exchange business. 

There was another post that further stated, ”Apparently, the consensus is that Tether, Binance, and DCG are all going to fall. Potentially even Michael Saylor. Clear, got it”.     

Research: Binance Reserves Data ”Makes Sense” 

While examining the evidence of Binance’s previous proof of reserves statement but, the on-chain crypto analytics platform CryptoQuant found some evidence of foul play. 

On 15 Dec, on a blog post, a statement was posted that stated, 

”To evaluate the information contained in Binance’s Proof-of-Reserves report, we compared the liabilities presented by Binance in the report to the on-chain metric data we have at CryptoQuant regarding Binance’s BTC. Therefore, no amount of reassurance was enough to console BTC’s price action that day.  

Crypto Tony announced the entry of ”next week wave down for the bears” there are predictions that the cycle slowly goes to $12,000 under. 

There is another blog post that states, ”we discovered that the liabilities stated by Binance are highly similar to our assessments (99%)”. It also adds that the data by Binance supplied about its liabilities makes sense. 

In a fresh update, Eliza wrote ”BTC all as expected… if we consolidate for a while about 16900, I will open a long … still patient for now.