Bitcoin and Crypto Markets Pop As Binance CEO Announces Industry Recovery Fund

An announcement from Binance CEO Changpeng Zhao has triggered a direct rise within the worth of Bitcoin and the general crypto markets.

Zhao says he’s forming an “business restoration fund” to assist firms and tasks which are scuffling with liquidity within the aftermath of the collapse of FTX.

“To scale back additional cascading detrimental results of FTX, Binance is forming an business restoration fund, to assist tasks who’re in any other case sturdy, however in a liquidity disaster. Extra particulars to return quickly. Within the meantime, please contact Binance Labs for those who assume you qualify.

Additionally welcome different business gamers with money who needs to co-invest. Crypto is just not going away. We’re nonetheless right here. Let’s rebuild.”

Bitcoin has rallied from a 24-hour low of $15,906 to a excessive of $16,580.

Ethereum has bounced from a 24-hour low of $1,180 to a excessive of $1,233.

The market transfer caps off a chaotic weekend that started with the FTX claiming it had been hacked as person account balances plunged to zero and hundreds of thousands of {dollars} in crypto started exiting the change.

Just a few hours earlier than the brand new announcement from Zhao, disgraced FTX founder Sam Banman-Fried posted a weird and incoherent message on Twitter.

Bankman-Fried has not stated something materials since saying the chapter of FTX, FTX.US and Alameda Analysis on Friday

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