Market declines in cryptocurrencies are prevalent. While Ethereum (ETH) has declined over 4% and lost the $1,200 it gained at the conclusion of last week, Bitcoin (BTC) has fallen 2% in the past day and is attempting to stabilize above $16,200.
According to Naeem Aslam, chief market analyst at AvaTrade, “Traders are taking comfort in the news that some people, like Changpeng Zhao (CEO of Binance), are contributing additional money to the ecosystem by expanding the amount of the rescue fund by another billion.”
The fund would be utilized to assist cryptocurrency projects in a liquidity problem after the FTX meltdown, as Zhao himself described networks. Zhao expressed confidence in the sector’s future by promising on his Twitter account that “cryptos” will continue to exist. “Not at all. It marks the start of a new chapter, “Added he.
In a similar vein, the founder of Binance said in a Bloomberg interview that his company would make a $1 billion acquisition bid for the collapsed crypto-asset broker Voyager. The offer from the biggest exchange in the world will run for six months, which is how long Zhao thinks it will take the cryptocurrency market to recover from its present crisis. If that period is not long enough, Zhao is prepared to raise the offer.
Zhao further said that FTX and Bankman-Fried knowingly promoted reports that Binance’s acquisition of Voyager presented a risk to American national security because of the largest exchange in the world’s supposed links to China, which Zhao vehemently disputed in the interview. “I believe that the claims about US national security are an effort by FTX to dissuade us from running. Regarding our involvement in the auction, there was never any hesitation “Adding that Binance is entirely governed by American law, he said.
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