9 days ago 1 min read

Bitcoin Rally Was Boosted By Binance's $1B Fund Conversion

  • Bitcoin and other cryptocurrencies will receive a $1 billion investment from Binance.
  • The biggest cryptocurrency rally may have been hedged by the Binance report.
  • The price of bitcoin momentarily climbed beyond $26,000 before tumbling back.

The recent increase in the price of Bitcoin may have been caused by the 1 billion US dollars invested in Bitcoin BNB.

It is crucial to keep in mind that the CEO of Binance previously declared that the exchange would convert the remaining $1 billion. Its Industry Recovery Initiative money would specifically be converted from BUSD to native cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB), and Ethereum.

Daan de Rover goes on to say that reports on inflation suggested a figure that came in at 6%, which was also almost exactly as expected. He said that this had not caused a big shift in the market, albeit the price of Bitcoin briefly rose beyond $26,000 before dropping back down.

There is a projected 21% chance that interest rates won't increase at the Federal Reserve's next meeting. On the other side, a 25 basis point increase has a roughly 79% chance of happening.

These recent developments demonstrate that the bitcoin business is still in flux as new technologies and fashions emerge all the time. Market experts encourage traders and investors to stay up to date on the latest news and constantly be prepared to modify their methods in reaction to shifting market conditions.

In conclusion, the price of Bitcoin is currently $24,792.76 with a $52,652,559,380 24-hour trading volume. The BTC/USD pair has increased in value by 2.19% over the last day, with a live market cap of $478,947,861,696 over that time.

Great! You’ve successfully signed up.
Welcome back! You've successfully signed in.
You've successfully subscribed to Coin Aquarium.
Your link has expired.
Success! Check your email for magic link to sign-in.
Success! Your billing info has been updated.
Your billing was not updated.