Top Crypto Moguls Predict Bullish Trends in Crypto Market as Binance Converts $1 Billion Recovery Fund ⋆ ZyCrypto
Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) may soon see a significant boost in price driven by the mass conversion of the funds from Binance. On his TwitterBinance CEO Changpeng Zhao announced the move to convert $1 billion of Industry Recovery Initiative funds from BUSD into “native crypto,” such as Bitcoin and Ethereum along with BNB.
Expected mass buying pressure
This move could result in a massive influx of buyers and positive market sentiment for these three cryptocurrencies. According to Ki Young Ju, CEO of on-chain data firm CryptoQuantthe move, by producing $1 billion in buying pressure, could easily trigger a potentially bullish signal for the crypto market.
OnchainDataNerd, a crypto analyst on Twitter, was quick to comment on the news, stating that the conversion of the Industry Recovery Fund from BUSD to BTC, ETH and BNB means the market could soon see extreme buying pressure. This news has made many investors and traders positive about the market’s outlook.
Bitcoin Gains Ground on Altcoins Amid SVB Collapse
Sentiment, a leading crypto analytics platform, reported that Bitcoin has gained ground on altcoins amid the recent upswing in the market. According to Santiment, 21,524 BTC have moved back into exchanges, the largest amount since September 13, 2023. Traders are taking profits while they can, and this could be a sign of more bullish sentiment to come.
The news of the conversion of the Industry Recovery Fund from BUSD to BTC, ETH and BNB comes amid the collapse of Silicon Valley Bank, which has caused some concern in the crypto market. The US Treasury Department and the Federal Deposit Insurance Corporation (FDIC) issued a joint statement assuring depositors that they would take the necessary steps to protect their funds.
The joint statement also announced similar action for Signature Bank, a New York-based crypto-affiliated bank that went under after being toppled by customer withdrawals. This news relieved the crypto sector, considering that billions of dollars worth of crypto belonging to various firms were stranded in the two banks.
The conversion of the remaining $1 billion Industry Recovery Initiative funds from BUSD to native crypto is a potentially bullish signal for the crypto market. With Bitcoin gaining ground on altcoins and the latest news from the US government and financial regulators, it seems that the crypto market is ready for an upswing. However, investors should be cautious and keep an eye on market trends before making any significant investment decisions.
