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1 December 2022
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Bitcoin

Bitcoin Skyrockets by Almost $1,000 as Binance’s CZ Announces Industry Recovery Fund

Bitcoin’s price skyrocketed on the news that Binance will be forming an industry recovery fund following the FTX fallout.

The primary cryptocurrency, as well as the entire cryptocurrency market, experienced a sudden surge associated with the latest tweets by the CEO of the world’s largest exchange, Binance.

CZ took to Twitter to announce an industry recovery group aimed at helping projects that are “otherwise strong” but in a liquidity crisis.

  • The CEO of Binance, Changpeng Zhao, revealed that his company will form an industry recovery group in a bid to reduce the negative effects associated with the fallout 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.

  • CZ also welcomed other industry participants who would want to co-invest.
  • This had a very positive impact on the entire market, as Bitcoin’s price skyrocketed to almost $17,000.
btc_price_chart_141101
Source: Binance via TradingView
  • There’s no information as to what projects the fund will be investing in, but one thing is for sure – CZ has no intentions of helping FTX.
  • Commenting under one of the responses that asked if the troubled exchange would qualify, he said:

Hey, you misread the tweet, I think. Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem.

News Source

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