An announcement from Binance CEO Changpeng Zhao has triggered an immediate rise in the price of Bitcoin and the overall crypto markets.
Zhao says he’s forming an “industry recovery fund” to support companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX.
“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. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify.
Also welcome other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let’s rebuild.”
Bitcoin has rallied from a 24-hour low of $15,906 to a high of $16,580.
Ethereum has bounced from a 24-hour low of $1,180 to a high of $1,233.
The market move caps off a chaotic weekend that began with the FTX claiming it had been hacked as user account balances plunged to zero and millions of dollars in crypto began exiting the exchange.
A few hours before the new announcement from Zhao, disgraced FTX founder Sam Bankman-Fried posted a bizarre and incoherent message on Twitter.
— SBF (@SBF_FTX) November 14, 2022
Bankman-Fried has not said anything material since announcing the bankruptcy of FTX, FTX.US and Alameda Research on Friday.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Check Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/FOTOGRIN