Binance CEO “CZ” announced forming an industry recovery fund as the FTX crisis tanks the crypto market. Binance’s recovery fund will help long-running successful projects affected by the liquidity crisis.
The crypto market continues to drag lower after the FTX crisis. Moreover, the contagion has spread to other entities as they fail to recover from earlier Terra-LUNA and liquidity crises, Binance is no exception.
Tron founder Justin Sun looks to support and participate in Binance CEO’s initiative to recover the market. He believes it will help good builders and developers to recover from the crisis.
Other entities including Celsius largest investor Simon Dixon like to join the fund and contribute to making it decentralized with the crypto community.
Twitter user Crypto King asked if FTX qualifies as strong but in a liquidity crisis. Binance CEO replied that “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem.”
In October, Binance Pool disclosed $500 million in the form of a lending facility for struggling bitcoin miners. The crypto miners faced a severe financial crunch after the crypto prices, especially Bitcoin fell over 75% from its all-time high.
Binance’s BNB token price jumps over 4% on the news. The BNB token is currently trading at $280. The 24-hour low and high for BNB are $268 and $281.77, respectively.
Bitcoin and Ethereum prices also recovered massively. Bitcoin (BTC) price soars over 6% in an hour, with the price currently trading at $16,789. Also, Ethereum
(ETH) price trades at $1,253, up nearly 7% in an hour. Other altcoins also soared as a result of the jump in top cryptocurrencies
