Binance exchange’s $1 billion blow to crypto market bears
Binance, one of the largest cryptocurrency exchanges in the world, has sold around $1 billion of BUSD stablecoins to traditional cryptocurrencies such as bitcoin, Converted Ether and BNB. With this action of Binance, the value of cryptocurrencies grew and a big blow was delivered to the bears of the crypto market. An analyst says that Binance’s move will put $1 billion worth of buying pressure on the cryptocurrencies in question.
According to U. TodayThe recent action of Binance clearly shows that this exchange has predicted that the crypto market will have an upward trend. A number of analysts have said that Binance, by converting BUSD into traditional cryptocurrencies, was the cause of the sudden rise in the price of Bitcoin, Ether and BNB.
Binance’s investment in bitcoin and other cryptocurrencies comes as US banks face major challenges. Signature Bank, a financial institution operating in New York, which had a lot of cooperation with companies in the crypto industry, has been shut down by US regulatory bodies. These institutions had warned that not closing Signature Bank could destabilize the entire financial system.