Crypto Surges After Binance CEO CZ Announces Industry Recovery Fund!
Last week, cryptocurrencies saw a massive drop in their prices following the fall and bankruptcy of the second biggest crypto exchange in the world, FTX. Now however, Binance CEO has announced a new project which has helped gain back bullishness within the crypto industry.
The Industry Recovery Fund
Earlier today, CEO of Binance, Changpeng Zhao or CZ announced that his company will be forming an industry recovery fund following the fall of FTX which tanked the crypto market last week.
CZ describes this new recovery fund to be a way to “help projects who are otherwise strong, but in a liquidity crisis.” With the intention to stop the crypto market from spiraling even lower in this current crypto winter.
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. 1/2
— CZ 🔶 Binance (@cz_binance) November 14, 2022
In a following tweet within his thread, CZ then explains that he’s also welcoming other industry players who may want to co-invest in the recovery fund and help recover the market.
“Crypto is not going away. We are still here. Let’s rebuild,” CZ wrote.
Market Recovers Slightly
Since CZ announced this, the crypto market saw a slight recovery, with multiple cryptocurrencies prices rebounding slightly within the last 24 hours.
Binance’s BNB token saw one of the biggest gains today, jumping by over 4% within an hour after the announcement. BNB is now trading at a price of $284 compared to its previous price of $268 moments before the announcement.
Other cryptocurrencies also saw a jump in their prices today, like Bitcoin and Ethereum which soared by 6% and 7% respectively. Bitcoin is now trading at a price of $16,749, a big recovery to its previous price of $15,880 just hours ago, while Ethereum is now trading at a price of $1,250.
Aside from that, altcoins also saw a surge in their prices. Dogecoin for example, saw its price jump by 6.56% while Solana was up around 12% within an hour after the announcement.