Binance May Be Suppressing Bitcoin's Price by Using Order Book, Analyst Says

IconCryptoNewsTerminal Staff12 Jun, 2024

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Binance May Be Suppressing Bitcoin's Price by Using Order Book, Analyst Says

Binance, the world's largest cryptocurrency exchange, may be suppressing the price of Bitcoin (BTC) by using its order book to create a sell wall every time the price approaches $70,000, according to cryptocurrency analyst MartyParty. MartyParty pointed out that Bitcoin has been within a hair's breadth of $70,000 13 times since March 12, 2023. Every single time it has tested the highs, a sell wall has appeared on Binance, and the price has fallen only for the wall of sell orders to disappear. Another cryptocurrency analyst, Seth, replied by saying that Binance is the largest exchange in the world and that even in the soybean market, there could be price manipulation. However, he said that he doesn't understand why whales would suppress the price of BTC.

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