Binance converts $1B BUSD to Bitcoin, Ethereum, BNB

Binance CEO Changpeng Zhao (CZ) has confirmed that the exchange has converted the remaining $1 billion in its industry recovery fund to native crypto assets — including Bitcoin, Ethereum, and BNB.

Timeline of Bnb, Bitcoin, Binance-usd, Ethereum

Bitcoin (BTC) had every right to a miserable weekend.  In a week that saw crypto-adjacent bank Silvergate Bank finally fold after months of speculation, followed by yet another collapse in the form of Silicon Valley Bank.

Crypto whales were on the move over the weekend as several large transactions worth over $350 million were spotted on the Ethereum (ETH) network. First seen by blockchain-tracking service Whale Alert, a deep-pocketed Ethereum holder moved 120,874 ETH worth over $177.17 million from an unknown wallet to another unknown wallet.

According to an announcement by the Federal Reserve, New York-based Signature Bank, which had several clients in the cryptocurrency space, was shut down by state regulators.  Signature Bank Shut Down  New York State financial regulators on Sunday shut down Signature Bank.

Crypto giant Binance says it's converting $1 billion of its dollar-pegged stablecoin BUSD into Bitcoin, Binance Coin and Ethereum. Binance CEO Changpeng Zhao says this represents the remainder of the company's industry recovery fund, which is designed to support struggling players in the industry after the collapse of FTX.

BTC, seems to be recovering amid US regulators' latest moves on the SVB/Silicon matter. Both the Federal Reserve and the TDIC have jumped in to protect the two bank's customers as well as Signature's.

Bitcoin and the broader crypto market showed a strong recovery on Sunday afternoon (EST), although it was probably the most chaotic weekend in a long time. The crypto ecosystem lost another key banking partner.

After crypto exchange FTX collapsed in November, Binance established the “Industry Recovery Initiative”, which contains $1 billion in BUSD. Binance CEO Changpeng Zhao announced that the funds will now be converted to BTC, ETH, and BNB.

Ethereum Price Today: The market is trading in green as Bitcoin and other Altcoins are seeing a jump today despite the collapse of two major crypto-related banks last week. As of writing, Bitcoin price increased by 8.68% in the last 24 hours.

Trillions of Shiba Inu (SHIB) tokens are no longer under the control of crypto whales following the highly anticipated launch of Shibarium in its beta form. Leading analytics firm IntoTheBlock reveals Shiba Inu whale balances have declined from 670.9 trillion to 660.

A crypto analytics firm that two key investor cohorts have been snapping up Bitcoin (BTC) as the value of the king crypto plunged below $20,000 last week. Santiment says that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, gobbled up 40,557 BTC worth a staggering $821.50 million in the past week.