Changpeng Zhao, CEO of crypto exchange Binance, has said the information about the purchase of 101,266 BTC by the exchange is not true.
Some media have recently reported the platform allegedly bought a large batch of Bitcoins coinciding with the cryptocurrency price drop.
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Zhao has said the information is "another incorrect article" and that its authors do not understand how cold wallet exchanges work.
Last June 18, the price of Bitcoin fell below the psychological level of $20,000 touching $17,800.
The cryptocurrency is currently trading near $20,000.
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According to Coinglass, the total volume of settlements in the futures market over the last day has amounted to $300 million.
Bitcoin has fallen by 36% since the beginning of the month, and Ethereum by 44%, whereas the fear and greed index has risen by one point to 9.