On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.
Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency,” Zhao said.
After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ’s Twitter thread and said: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO responded that he “didn’t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.”
At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen’s exchange portfolio tool. CZ’s announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.
While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.
What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
On Monday, Binance CEO Changpeng Zhao, also known as CZ, announced that the company had decided to convert $1 billion worth of BUSD from the Industry Recovery Initiative fund into three different cryptocurrencies. Zhao noted that significant onchain movements would be noticeable following the announcement.
Binance CEO Changpeng Zhao (CZ) announced on Monday that the company had converted $1 billion BUSD into bitcoin (BTC), BNB, and ethereum (ETH). “Given changes in stablecoins and banks, Binance will convert the remaining $1 billion from the Industry Recovery Initiative funds from BUSD to native crypto, including BTC, BNB, and ETH. Some fund movements will occur onchain. Transparency,” Zhao said.
After tweeting the announcement, CZ shared an address for the Industry Recovery Initiative and a transaction explorer link for the transfer that the exchange handled. One person replied to CZ’s Twitter thread and said: “People who are a bit unnerved by recent stablecoin developments will feel much more reassured.” The Binance CEO responded that he “didn’t even think about it that way. I was just discussing how to keep the funds in a safe asset. But that works too.”
At the time of writing, Binance holds 7.56 billion BUSD stablecoins, according to Nansen’s exchange portfolio tool. CZ’s announcement comes as USDC had troubles this weekend holding parity with the US dollar after the failure of Silicon Valley Bank (SVB). Furthermore, US regulators forced Paxos to stop issuing BUSD, and billions of BUSD tokens have been removed from circulation since.
While BUSD has faced regulatory scrutiny, the stablecoin managed to stay within the $0.99 to $1 range most of the time. On March 11, 2023, BUSD slightly dipped to the $0.9848 range for a short period of time, but remained stronger than five other stablecoins that deviated from $1 parity over the past weekend.
What are your thoughts on Binance’s decision to convert $1 billion BUSD into bitcoin, bnb, and ethereum? Share your thoughts in the comments section below.
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Today's Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits. While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per ... read more.
Litecoin was back in the green on March 13, as cryptocurrency markets rebounded to start the week. The token rose by as much as 15% in today’s session, with the global crypto market cap trading nearly 10% higher. Ethereum classic also moved significantly higher.
Litecoin (LTC) rose by as much as 15% to start the week, as cryptocurrency markets rebounded from recent losses.
LTC/USD surged to an intraday high of $79.53 earlier in today’s session, less than 24 hours after hitting a low of $68.66.
The move saw litecoin climb to its strongest point since last Friday, when the token was at a peak of $84.92.
Looking at the chart, one catalyst of the move appears to be the 14-day relative strength index (RSI), which broke out of a recent resistance point.
As of writing, the index is tracking at 41.05, following a move beyond the aforementioned ceiling at 40.00.
Should momentum continue in this direction, there is a strong chance that LTC bulls will take price to a ceiling at $85.00.
In addition to LTC, ethereum classic (ETC) also rebounded from recent lows during Monday’s session.
Following a low of $17.05 on Sunday, ETC/USD raced to a peak of $20.20 to start the week.
This high has also acted as a point of resistance in recent weeks, and since a collision earlier in the day, bullish momentum has marginally eased.
At the time of writing, ETC/USD is trading at $19.65, which is still nearly 15% higher than yesterday’s bottom.
Overall, it appears that previous bulls have moved to secure gains, as the RSI nears a ceiling of its own at 48.00.
Register your email here to get weekly price analysis updates sent to your inbox:
Will this uptrend continue for the remainder of the week? Let us know your thoughts in the comments.
Eliman was previously a director of a London-based brokerage, whilst also an online trading educator. Currently, he commentates on various asset classes, including Crypto, Stocks and FX, whilst also a startup founder.
Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Ripple CEO: SEC Lawsuit Over XRP 'Has Gone Exceedingly Well'
The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.
Source From : News