Bitcoin and Crypto Markets Pop As Binance CEO Announces Industry Recovery Fund

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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.

Bankman-Fried has not said any­thing mate­r­i­al since announc­ing the bank­rupt­cy of FTX, FTX.US and Alame­da Research on Friday.

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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.

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