Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it hit multi-day lows of $16,928 on Bitstamp.
The pair has regained its full run to a one-month high on the latest macroeconomic data and policy update from the US.
Amid persistent concerns about the solvency of the world’s largest exchange, Binance, market sentiment showed what traders said was a clear case of instability.
They suggested that the evidence was simply not in favor of the bears.
“The craziest and FUD rumors are going around literally everyone in the cryptocurrency exchange,” Michael Van de Poppe, founder and CEO of trading firm Eight, tweeted on the same day.
Another post expanded on who these players are:
“Obviously, the consensus is that Tether, Binance, and DCG will all fail. Possibly even Michael Saylor. Clear, I see.”
Fellow Crypto trader and analyst Ed sounded equally skeptical, drawing attention to Bitcoin fakes in line with the US. stocks the previous day.
“It’s interesting to see everyone suddenly going bearish on bitcoin as if they are just acting very weak. The SPX is doing exactly the same, maybe even weaker,” he told followers, inquiring if “Binance fud” really had a role to play.
BTC/USD vs. S&P 500% change chart. Source: TradingView
Research: Binance Keeps Data ‘Senseless’
Examining Binance’s previous evidence of reserves statement, meanwhile, on-chain analytics platform CryptoQuant similarly found little evidence of error.
Related: Why is the cryptocurrency market going down today?
“To evaluate the information in Binance’s Proof of Reserves report, we compared the commitments Binance made in the report to the on-chain metric data we have at CryptoQuant regarding Binance’s BTC reserves (our estimate of deposits made by Binance customers),” in a blog post dated December 15:
“We found that the commitments stipulated by Binance are very similar to our assessment (99%).”
It added that the statements Binance made about its commitments “make sense.”
No amount of reassurance was enough to control BTC’s price action on the day, with $17,000 barely holding at the time of writing.
Cryptocurrency trader Tony announced that he has entered the “next wave down for bears” amid persistent predictions of a cycle drop at $12,000 or below.
“BTC everything is as expected… If we consolidate for a while above 16900, I will open a long position… I am still patient for the time being,” fellow trader Elise wrote in a new update.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should do their own research when making a decision.