Binance Will Convert $1B Into BTC, BNB, ETH, Bitcoin Price Skyrockets to $22.6K

Read full article at CryptoPotato.

The past week has been wild altogether and not just in the cryptocurrency market. A major bank in the US – Silicon Valley Bank – experienced what was essentially a bank run and was forced to shut down by authorities to prevent further panic.

The government, in the face of the Federal Reserve and the Treasury, as well as the FDIC, were quick to come up with a rescue plan, but at the same time, also shut down Signature Bank – the last one of the three crypto-facing financial institutions in the US.

  • Amid all of the above, the CEO of Binance – Changpeng Zhao, took to Twitter to reveal that they plan to convert the remainder of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto.

Given the changes in stable coins and banks, Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movement will occur on-chain. Transparency.

  • Perhaps somewhat expectedly, the cryptocurrency market took for the sky, adding to the gains it had already charted hours before the announcement.
  • Bitcoin’s price hit an intraday high of $22,600 (on Binance) and is currently up 6% on the day.
  • Ethereum is up around 8% on the day, while BNB soared by roughly 10%.
  • The Industry Recovery Initiative was announced by CZ back in November 2022.

To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis.

The post Binance Will Convert $1B Into BTC, BNB, ETH, Bitcoin Price Skyrockets to $22.6K appeared first on CryptoPotato.

This article is strictly for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. does not provide investment, tax, legal, business or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any loss or damage caused or alleged to be caused by, or in connection with, the use of or reliance on any content, goods, services or opinions mentioned in this article.

#Bitcoin #Crypto #Cryptocurrency

Related articles

‘If a government bans drugs, it should also ban crypto’ — Belgium’s former finance minister

Read full article at News. Members of the European Parliament have been discussing the impact of the failure of Silicon Valley Bank, Signature Bank and Silvergate Bank on markets in their jurisdictions. News Own this piece of history Collect this article as an NFT Johan Van Overtveldt, a member of the European Parliament and […]

Learn More

Terra’s Do Kwon Reportedly Arrested in Montenegro

Read full article at CryptoPotato.Do Kwon, the co-founder of Terraform Labs, who has been on the run since the $40 billion collapse of the Terra-Luna ecosystem in May, has been reportedly arrested by the local police in Montenegro. According to a tweet by Montenegro’s minister of interior, Filip Adzic, the police apprehended someone suspected of […]

Learn More


Read full article at Crypto King. BUY CREMATION BURN LUNC: JOIN OUR DISCORD COMMUNITY: 🔴Binance International sign up and earn $300 in trading bonuses: 🔴Binance USA sign up and earn bonuses: 🔥You earn LUNC we burn LUNC stake here: WHO AM I? 👑 I am CryptoKing and on this channel […]

Learn More