Binance just aggressively bought the Bitcoin price dip, bull run soon?

Bitcoin's price recently took a tumble by around 7% in 24 hours, but the low price point was scooped up aggressively by Binance.

@JakConnorTT
Published Fri, Jan 7 2022 12:32 AM CST   |   Updated Tue, Feb 1 2022 6:48 PM CST

On January 5, the price of Bitcoin (BTC) dove by around 7%, and now reports indicate that the world's largest cryptocurrency exchange has bought the dip.

Back in 2019, Binance took to its official Twitter account to announce a new wallet initially intended to be used to issue new crypto-pegged tokens onto the Binance Smart Chain, beginning with BTCB and BEP2 pegged to Bitcoin. However, it seems that the wallet address has turned into one of Binance's cold storage wallets as all it does is continue to accumulate Bitcoin around the $40,000 mark.

On Tuesday this week, the above wallet address purchased 43,000 BTC at the average price of $46,553.68, which has raised the total number of BTC contained in the wallet to 121,396 BTC, worth about $5 billion. CoinTelegraph reports that the wallet address is referred to as "Binance BTC reserve wallet address", and has never sold any Bitcoin since its creation.

Binance just aggressively bought the Bitcoin price dip, bull run soon? 01 | TweakTown.com
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NEWS SOURCE:cointelegraph.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science and space news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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