Binance to Acquire $1,000,000,000 in Bitcoin, Binance Coin and Ethereum in Massive Stablecoin Swap

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.

Timeline of Bnb, Bitcoin, Ethereum

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.

The crypto markets have risen above the recent price action, which drove the global market cap below $930 billion. However, the current price jump raised the market cap back above $1 trillion and also displayed the possibility of a continued bullish trend ahead.

Crypto Prices Today: Bitcoin and other Altcoins are still 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.

The total cryptocurrency market cap climbed back above $1 trillion in the last 24 hours. This comes in light of the news that depositors of now-closed Silicon Valley Bank (NASDAQ: SIVB) and Signature Bank (NASDAQ: SBNY) will be able to get their funds out, spurring Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) higher.

Binance CEO Changpeng “CZ” Zhao on Monday said Binance will convert the remaining funds in the Industry Recovery Initiative into Bitcoin (BTC), BNB, and Ethereum (ETH) due to the collapse of crypto-friendly banks and stablecoins depeg events. Amid the bank and stablecoin crisis, Binance CEO “CZ” took to Twitter to announce that Binance is converting The post Breaking: Binance Converting $1 Bln In Industry Recovery Initiative To BTC, ETH, BNB appeared first on CoinGape.