Binance will convert $1B into BTC, BNB, ETH and Bitcoin, price rises to $22.6K
The past week has been wild overall and not just in the cryptocurrency market. A major bank in the US - Silicon Valley Bank - essentially experienced a bank run and was forced to close by authorities to prevent further panic. The government quickly came up with a rescue plan in the face of the Federal Reserve and Treasury Department as well as the FDIC, but at the same time also closed Signature Bank - the last of the three crypto banks. to financial institutions in the USA. Amid all this, the CEO of Binance – Changpeng Zhao – took to Twitter to reveal that they plan to withdraw the rest of the funds...

Binance will convert $1B into BTC, BNB, ETH and Bitcoin, price rises to $22.6K
The past week has been wild overall and not just in the cryptocurrency market. A major bank in the US - Silicon Valley Bank - essentially experienced a bank run and was forced to close by authorities to prevent further panic.
The government quickly came up with a rescue plan in the face of the Federal Reserve and Treasury Department as well as the FDIC, but at the same time also closed Signature Bank - the last of the three crypto banks. to financial institutions in the USA.
- Inmitten all dessen ging der CEO von Binance – Changpeng Zhao – zu Twitter aufdecken dass sie planen, den Rest der Mittel der Industry Recovery Initiative in Höhe von 1 Milliarde US-Dollar von BUSD in native Krypto umzuwandeln.
Given the changes in stablecoins and banks, Binance will convert the remaining $1 billion Industry Recovery Initiative funds from BUSD into native cryptos, including BTC, BNB and ETH. Some fund movements will occur on-chain. Transparency.
- Vielleicht etwas erwartet, nahm der Kryptowährungsmarkt den Himmel auf und trug zu den Gewinnen bei, die er bereits Stunden vor der Ankündigung verzeichnet hatte.
- Der Preis von Bitcoin erreichte ein Intraday-Hoch von 22.600 $ (auf Binance) und ist an diesem Tag derzeit um 6 % gestiegen.
- Ethereum ist an diesem Tag um etwa 8 % gestiegen, während BNB um etwa 10 % gestiegen ist.
- Die Industry Recovery Initiative wurde von CZ bereits im November 2022 angekündigt.
To reduce further cascading negative impacts from FTX, Binance is forming an Industry Recovery Fund to help projects that are otherwise strong but in liquidity crisis.
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