Bitcoin Bear Market Ends, Binance Converts $1B Fund to Crypto

The CEO of Binance highlights today’s unexpected industry concerns.
He draws light to 5 major concerns and goes on to elevate the Bitcoin message.
Despite concerns popping up, one must still remain calm and keep faith.

The Twitter crypto space is absolutely buzzing today with Binance’s latest announcement. Specifically, the CEO of Binance, Changpeng ‘CZ’ Zhao made an announcement on Twitter concerning its BUSD stablecoin funds.

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In detail, CZ says that Binance is making a strategic move by converting its BUSD to cryptocurrency. This is because of the latest changes being made in stablecoins and banks. The SVB collapse has many platforms resetting their strategies.

According to the tweet above, CZ says Binance will be converting the remaining of its $1 billion funds from BUSD to native cryptos. The funds are being taken from Binance’s BUSD Industry Recovery Initiative and will be converted to BTC, BNB, and ETH.

The tweet also adds on by saying that some of the movement of these funds will occur on-chain. Binance, being absolutely devoted to the Bitcoin and blockchain philosophy, strive to be transparent with their actions.

Therefore, CZ goes on to share the addresses to all the wallets and transfer addresses to his Twitter account. Responses to his tweet show much respect to Binance and CZ. One in particular says this move is very helpful to the world and not just the crypto community. He says, after all the FUD caused by the SVB collapse, it is important to reassure the public.

Clearly, Binance is always two steps ahead in keeping the public aware and educated. The response commends the exchange for setting the industry recovery track to full throttle. Similar to this response, Altcoin Daily says the Bitcoin bear market will come to an end.

It likely highlights how Binance putting its faith in cryptocurrency over stablecoins will encourage the public to do the same. Thus, it will kick off the Bitcoin bull run that we’re all waiting to see.

Adding on to the Twitter buzz is CEO of Lumida Wealth, Ram Ahluwalia. He draws light to the fundamental truth “our banking system is brittle”. He says the banking sector needs more competition, technology, and vibrancy. “Money is going digital. Banks need to keep up”.

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Lauren Cole

A focused and vigilant storyteller for all things blockchain and cryptocurrency. Besides consuming every piece of literature about the metaverse, she can often be found at industry convections looking for the latest scoop.