Breaking: Binance Converting $1 Bln In Industry Recovery Initiative To BTC, ETH, 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.

Timeline of Bnb, Bitcoin, Ethereum

Last week has been dramatic on Wall Street and the crypto sector as two crypto-friendly banks – Silvergate and Signature – announced shutting down their operations. However, the broader crypto market has decided to look past this, making a strong bounce back.

Major coins traded in the green on Sunday evening following news that all Silicon Valley Bank and Signature Bank deposits will be fully refunded to customers.  Cryptocurrency Gains (+/-) Price Bitcoin 9.35% $22,563 Ethereum 9.60% $1,620 Dogecoin 7.79% $0.071 What Happened: Apex cryptocurrency Bitcoin (CRYPTO: BTC), which has been trading under $21,000 since Thursday, rose 9.35% to over $22,000 in the last 24 hours.

The price of Bitcoin (BTC) is soaring as the Biden Administration races to prevent the collapse of Silicon Valley Bank from triggering a mass exodus at regional banks across the U.S. The U.S.

Bank of London presented an official offer on Sunday to acquire the U.K. subsidiary of Silicon Valley Bank (NASDAQ: SIVB). The offer was submitted by a group of top private equity firms led by the Bank of London.

The price of bitcoin rose above $21,400 after the Washington Post reported that U.S. federal authorities are considering safeguarding uninsured deposits at Silicon Valley Bank should a buyer not be found for the institution, which collapsed last week following a $42 billion bank run.

Market left in shock after an Ethereum whale moved billions in Shiba Inu worth a staggering $2.6 million,  for a transaction fee of only $2.  Shytoshi Kusama makes a key statement regarding the recent launch of the bate version of the holy anticipated Shibarium upgrade.

Despite the recent Bitcoin crash to sub-$20,000 and the subsequent failure of crypto-affiliated lender Silicon Valley Bank pinning markets down, big BTC investors seem unwavering in their accumulation.

On Sunday, Bitcoin and Ethereum  both saw a modest rise in value, with BTC surpassing $20,000 and ETH reaching the $1,400 mark. However, the decline of the US dollar, which resulted from February's labor statistics showing slower wage growth, may be responsible for this ongoing modest increase in crypto value.

News that Voyager was liquidating its Ethereum holdings saw the bearish pressure intensify in the crypto market. On-chain analysis showed they were partly responsible for the sell-off seen in March.

BTC Price Prediction: The last three weeks' correction phase has plunged the Bitcoin price from a peak of $25200 to $19800, registering a 22% loss. The coin price is currently wavering above the 20-day moving average(MA), with long-lower price rejection candles indicating the exhausted bearish momentum.