E-bitcoin was $18,000 for the first time since the collapse of the chaotic FTX platform, after the world’s largest cryptocurrency received a boost in betting that the Federal Reserve could ease its activities. monetary policy.
Changpeng Zhao, CEO of Binance Holdings, tweeted on Wednesday that “things seem to have stabilized” and warned his colleagues that they were in for a tough few months, explaining that digital asset industry is experiencing a “historic moment” and that Binance’s financial position is strong and will “survive any crypto winter.”
“Cryptocurrencies breathed a sigh of relief because The balance drain appears to have stabilizedsaid Martha Reyes, Head of Research at BeQuant, cryptocurrency platform and the main corridor.
Last week, Binance published a test reserve report. A document based on a snapshot review conducted by accounting firm “Mazars”, This showed that the exchange has enough crypto assets to balance all its liabilities from the platform.
second month inflation data Weaker than expected also boosted cryptocurrencies along with risk assets on hopes that this would pave the way for a slower Fed hike.
The central bank is expected to raise the key interest rate by 50 basis points today after four consecutive swings of 75 basis points.
FTX and Binance cryptocurrency crisis
Binance is the largest cryptocurrency exchange in the world, and his recent actions have caused historic weeks for the digital currency industry, due to the drama he starred in with FTX, the bankrupt exchange.
After at least 6,000 bitcoins fled the FTX fund and its CEO Sam Bankman-Fried declared bankruptcy, Changpeng Zhao said that his bag plans to establish an industrial recovery fund.
Changpeng Zhao’s Bitcoin Is ‘Still Alive’This is evidenced by his statements on Twitter. One of his efforts to get the crypto industry back on track is to “further reduce the negative cascading effects of the FTX bankruptcy,” though he has yet to determine how to do that.