Binance Announces $1B Convert into BTC, BNB, ETH, Bitcoin price Skyrockets
Cryptocurrency exchange giant Binance will convert worth $1 Billion into Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH) as a response to the ongoing fiasco with banks and stablecoin.
Which has resulted in a significant increase in the price of Bitcoin, reaching $22,600. This news highlights the potential impact of large-scale investments by major players in the cryptocurrency market on the price of Bitcoin and other digital assets.
A giant bank in the US Silicon Valley Bank was forced to shut down by authorities to prevent further panic last week.
The government face the Federal Reserve and the Treasury as well FDIC was quick to come up with a rescue plan.
Changpeng Zhao a CEO of Binance reveal to Twitter that they plan to convert the remainder of the $1 billion industry Recovery funds from BUSD to native crypto.
$1B buying pressure on $BTC, $ETH and $BNB https://t.co/WOm2AOcOVR
— Ki Young Ju (@ki_young_ju) March 13, 2023
Bitcoin price hit an intraday high of $22,600 and is currently increasing by 6%.
The live Bitcoin price today is $22,194.39 USD with a 24-hour trading volume of $36,983,921,705 USD. Bitcoin is up 7.91% in the last 24 hours. The current CoinMarketCap ranking is #1, with a live market cap of $428,710,685,301 USD. It has a circulating supply of 19,316,175 BTC coins and a max. supply of 21,000,000 BTC coins.
Related: USDC Investor Spends $2M to receive $0.05 USDT trying to Attempt to Avoid Crash
