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 tasks which might be combating liquidity within the aftermath of the collapse of FTX.
“To cut back additional cascading damaging 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 come back quickly. Within the meantime, please contact Binance Labs if you happen to assume you qualify.
Additionally welcome different business gamers with money who needs to co-invest. Crypto shouldn’t 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 person account balances plunged to zero and hundreds of thousands of {dollars} in crypto started exiting the trade.
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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