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Binance CEO Reveals Whether Bitcoin (BTC) Price Can Be Manipulated by Exchanges

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Sun, 02/16/2020 - 18:24
Alex Dovbnya
Changpeng Zhao, the CEO of crypto behemoth Binance, weighs in on conspiracies about exchanges manipulating the Bitcoin price
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In the wake of the imbroglio surrounding the 60 percent XRP crash on BitMEX and the most recent Bitcoin price drop, crypto Twitter is once again debating whether or not omnipotent exchanges can impact prices.

Changpeng Zhao, the CEO of Binance and one of the most influential personalities in the industry, recently left his rare take on the matter. In a thread that touches upon how the cryptocurrency market is being manipulated by big players, CZ tweeted that the price of BTC would be extremely high if crypto exchanges could manipulate prices. Since exchanges have skin in the game, it doesn't make any sense for them to dump the BTC price.

Related
Binance CEO Changpeng Zhao Denies Opening Office in Beijing

Slap yourself when...$16,000 

It's hard not to find CZ's tweet believable given how he desperately wants the price of BTC to go higher. Back in August, he tweeted that those traders who sold BTC under $10,000 had to slap themselves before the BTC price dropped about 20 percent less than two months later. 

On Nov. 1, after Bitcoin's epic 40 percent moonshot, CZ predicted that the top coin could hit $16,000 soon-ish. BTC ended up tanking to the $6,500 during the same month.   

Related
CZ Asks Twitter to Guess New Bitcoin (BTC) All-Time High. Is $300,000 Possible?

What crypto winter? 

A lot of crypto businesses took a massive hit during the market downturn in 2018, but Binance was an outlier. Not only did it walk away unscathed, but the Malta-based exchange actually increased its profits by 66 percent in Q1 2019 when BTC was trading below $4,000.     

It seems like Binance continues to shine no matter whether its crypto winter or summer.    

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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