Facebook Twitter Instagram
    Trending
    • Sabalenka Wins Australian Open For First Time
    • LeBron James Jersey Sells For Whooping $3.7m Fee
    • Months After Split, Gerard Piqué Flaunts New Girlfriend On Social Media
    • NUPENG: Nigerians Should Hold Marketers Responsible For Fuel Scarcity
    • Actress Ini Edo Speaks On Shanty Town Nudity Scenes
    • Abuja-Bound Train Derails, Passengers Safe
    • Why UK Is Recruiting Nigerian Teachers – Govt
    • Osun: Adeleke, PDP Cry Foul, Plan appeal As Oyetola Hails Tribunal
    Facebook Twitter Instagram YouTube
    Sync News NigSync News Nig
    • NEWS
      • Business & Economy
      • Politics
      • Banking & Finance
      • Tech & Innovation
      • Health
      • World
    • BRAND NEWS
    • SPORT
      • Football
      • Boxing
      • Basketball
    • ENTERTAINMENT
      • Celebrities
      • Music
      • Movies
    • FEATURED
    • TRAVELS & LIFESTYLE
      • Beauty &Health
      • Fashion
      • Food, Travel, Arts & Culture
      • Relationships & Weddings
    • SYNC TV
    Sync News NigSync News Nig
    Home»News»Banking & Finance»Bitcoin Soars To Almost $17K As Binance Announces Industry Recovery Fund
    Banking & Finance

    Bitcoin Soars To Almost $17K As Binance Announces Industry Recovery Fund

    ...worst week recorded since May
    Deborah AdegokeBy Deborah AdegokeNovember 14, 2022Updated:November 14, 2022No Comments2 Mins Read
    Share
    Facebook Twitter LinkedIn Pinterest Email

    The price of Bitcoin soared in the early hours of Monday to almost $17,000, following reports that Binance is set to establish an industry recovery fund in the wake of the FTX crisis.

    The most recent tweets from Changpeng Zhao, CEO Binance, caused dramatic price jumps across the cryptocurrency market.

    Mr Zhao announced an industry recovery group to assist projects that are “otherwise solid” but are experiencing a cash issue.

    He added that his company would establish an industry recovery committee to lessen the negative consequences of the impact of FTX.

    “To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong but in a liquidity crisis. More details to come soon. In the meantime, please contact Binance Labs if you think you qualify,” he tweeted. 

    There is no information regarding the initiatives the fund will be funding. But one thing is certain – CZ has no plans to support FTX.

    Over the past week, Bitcoin lost 22% of its value marking its worst weekly decline since May. Analysts are scrambling to assess the outlook for digital-asset markets and potential policy ramifications amid a terrible year for the blockchain industry, worsened by the FTX scandal. 

    Additionally, Coinbase, a US-based crypto exchange, reportedly downsized its staff by 60 employees as a result of the FTX scandal and the market’s subsequent decline.

    Alesia Haas, the company’s Chief Financial officer, stated that if the unrest worsens in the future, the company may fire more employees. The changes, according to CFO Alesia Haas, are “surgical” measures meant to save costs amid trying times.

    “We will have to take further cost-saving measures. If we sense that there is going to be further lower income and if we believe this is going to go beyond the scenarios we have already planned for.” 

    This situation is a catastrophe, according to experts. It is embarrassing for the sector. But it also serves as a reminder of how much of a Wild West we still live in. The impact is expected to subside in the coming weeks.

    Source: Nairametrics

    Binance Bitcoin
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Deborah Adegoke

    Related Posts

    CBN  Raises Rate To 17.5 %, Insists On January 31 Deadline For Old Naira Notes

    January 24, 2023

    CBN Begging Banks To Come For New Notes

    January 19, 2023

    WEMA Bank Goes Live On Union System’s KACHASI Trade Finance Software

    January 17, 2023

    Leave A Reply Cancel Reply

    Recent Posts
    • Sabalenka Wins Australian Open For First Time
    • LeBron James Jersey Sells For Whooping $3.7m Fee
    • Months After Split, Gerard Piqué Flaunts New Girlfriend On Social Media
    • NUPENG: Nigerians Should Hold Marketers Responsible For Fuel Scarcity
    • Actress Ini Edo Speaks On Shanty Town Nudity Scenes
    Recent Comments
    • buy cheap neurontin on TAJBank Launches e-Commerce Business ‘TAJMall’
    • FUCK SHEMALES on TAJBank Launches e-Commerce Business ‘TAJMall’
    • TRAVESTIS BAHIA on TAJBank Launches e-Commerce Business ‘TAJMall’
    • vivo slot on Ondo Deputy Governor Officially Resigns From PDP
    • lina on Edo 2020: Court Bars Gov. Obaseki From Participating In PDP Primary
    Archives
    • January 2023
    • December 2022
    • November 2022
    • October 2022
    • August 2022
    • July 2022
    • June 2022
    • May 2022
    • March 2022
    • February 2022
    • January 2022
    • December 2021
    • November 2021
    • October 2021
    • September 2021
    • August 2021
    • July 2021
    • June 2021
    • May 2021
    • March 2021
    • December 2020
    • November 2020
    • October 2020
    • September 2020
    • August 2020
    • July 2020
    • June 2020
    • May 2020
    • December 2018
    Meta
    • Log in
    • Entries feed
    • Comments feed
    • WordPress.org
    Facebook-f Twitter Instagram
    • Banking & Finance
    • Business & Economy
    • Health
    • Politics
    • World
    • Tech & Innovation

    Copyright ©, 2020-2021 syncnewsng.com. All Rights Reserved