Major cryptocurrencies erased losses and turned higher after Binance Holdings Ltd.’s Chief Executive Officer Changpeng Zhao said the world’s largest digital-asset exchange plans to set up an industry recovery fund.
Zhao said Monday the goal was to “reduce further cascading negative effects” of the bankruptcy of rival exchange FTX, adding the fund will assist otherwise strong projects that are facing a liquidity squeeze.
So, cryptos are up today with Cronos up 24% overnight. Of course, Cronos is trading near zero, so any upturns in price register as large turns.
But across the board, cryptos are up. Of course, if Zhao changes his mind, look out.
I am waiting for the list of pension funds that invested in Sam Bankman-Fried’s schemes.
Let’s see if Alameda Research’s CEO Caroline Ellison faces any wrath from the DOJ or SEC. I doubt it.