Bitcoin (BTC<\/a>) fell below $17,000 on Dec. 16 as traders warned of overreaction to \u201cFUD\u201d involving exchange Binance and others.<\/p>\n Data from Cointelegraph Markets Pro<\/a> and TradingView<\/a> followed BTC\/USD as it put in multi-day lows of $16,928 on Bitstamp.<\/p>\n The pair retraced its entire run to one-month highs courtesy of the latest macroeconomic data and policy update from the United States.<\/p>\n Amid ongoing concerns over the solvency of largest global exchange<\/a> Binance, market sentiment showed what traders argued was a clear case of cold feet.<\/p>\n The evidence, they suggested, simply did not stack up in bears\u2019 favor.<\/p>\n \u201cThe craziest rumours and FUD going around on literally everybody in the crypto exchange business,\u201d Micha\u00ebl van de Poppe, founder and CEO of trading firm Eight, tweeted<\/a> on the day.<\/p>\n A further post expanded on who those players are:<\/p>\n \u201cApparently the consensus is that Tether, Binance, DCG are all going to fall. Potentially even Michael Saylor. Clear, got it.\u201d<\/p><\/blockquote>\n Fellow trader and analyst Crypto Ed sounded equally skeptical, drawing attention to Bitcoin\u2019s copycat comedown<\/a> in line with U.S. equities the day prior.<\/p>\n \u201cInteresting 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,\u201d he told<\/a> followers, querying whether the \u201cBinance fud\u201d really had a role to play.<\/p>\n In examination of Binance\u2019s previous proof of reserves statement, meanwhile, on-chain analytics platform CryptoQuant likewise found<\/a> little evidence of foul play.<\/p>\n Related:\u00a0Why is the crypto market down today?<\/a><\/em><\/strong><\/p>\n \u201cTo 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\u2019s BTC Reserves (our estimation of the deposits made by Binance’s customers),\u201d it explained in a blog post on Dec. 15:<\/p>\n \u201cWe discovered that the liabilities stated by Binance are highly similar to our assessment (99%).\u201d<\/p><\/blockquote>\n It added that the data Binance supplied about its liabilities \u201cmakes sense.\u201d<\/p>\n No amount of reassurance was enough to console BTC price action on the day, however, with $17,000 barely holding at the time of writing.<\/p>\n Popular trader Crypto Tony thus announced<\/a> entry of \u201cthe next wave down for the bears,\u201d amid ongoing predictions of a cycle low at $12,000 or under<\/a>.<\/p>\n \u201cBTC all as expected … if we consolidate for a while above 16900 I will open a long …. still patient for now,\u201d fellow trader Elizy wrote<\/a> in a fresh update.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.\n<\/p>\n<\/div>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2022-12\/c6be7258-c93e-4397-a301-5b1d781f61ee.png\")
Binance \u201cFUD\u201d fuels bearish BTC moves<\/h2>\n
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Research: Binance reserves data \u201cmakes sense\u201d<\/h2>\n