BinanceCoin (BNB) is the crypto immune from the Silvergate crisis? Latest Updates

Latest crypto updates regarding Binance Coin (BNB), the cryptocurrency that powers the BNB Chain ecosystem. According to an analysis of its latest performance, can it be said that BNB is immune to the crisis triggered by Silvergate?

Timeline of 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.

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.

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.

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.

Binance Coin, also known as BNB, was first launched in 2017 as part of Binance's initial coin offering (ICO). The goal of the ICO was to raise funds for the development of the Binance platform and exchange system, as well as for branding, marketing, and education for new innovators in the industry.

The Binance Coin price analysis shows BNB coin is trading in a range-bound channel as buyers and sellers remain in balance. The Binance Coin has made several attempts to break above the $275 resistance level, but bears have been quick to push it back down.

PRESS RELEASE. Leading DeFi protocol BTC PROXY today expanded support for the Binance BNB Chain as well as updating support on Ethereum and Polygon for their ($BTCpx) Bitcoin Proxy. Minting and bridging of BTCpx to the three networks goes live on or after March 10th, 2023.

Binance Coin (BNB/USD) price drifted lower amid rising outflows in Binance's ecosystem dropped. The BNB coin dropped to a low of $290, which was the lowest level since February 13th of this year. It has plunged by ~14% below the highest level this year.

CoinBook has launched BNB Chain's first decentralized multi-chain P2P orderbook exchange with a bold vision: to reignite the peer-to-peer movement in cryptocurrency. This innovative exchange, powered by smart contract technology, enables traders to trade with zero slippage or price impact when trading BNB Chain tokens.