An announcement from Binance CEO Changpeng Zhao has triggered an instantaneous rise within the value of Bitcoin and the general crypto markets.
Zhao says he’s forming an “business restoration fund” to help firms and initiatives which might be battling liquidity within the aftermath of the collapse of FTX.
“To scale back additional cascading adverse results of FTX, Binance is forming an business restoration fund, to assist initiatives who’re in any other case robust, however in a liquidity disaster. Extra particulars to return quickly. Within the meantime, please contact Binance Labs when you suppose you qualify.
Additionally welcome different business gamers with money who desires to co-invest. Crypto will not be 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 consumer account balances plunged to zero and tens of millions of {dollars} in crypto started exiting the alternate.
Just a few hours earlier than the brand new announcement from Zhao, disgraced FTX founder Sam Bankman-Fried posted a weird and incoherent message on Twitter.
2) H
— SBF (@SBF_FTX) November 14, 2022
Bankman-Fried has not stated something materials since saying the chapter of FTX, FTX.US and Alameda Analysis on Friday.
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