Binance Will Convert $1B Worth of BUSD Stablecoin to Bitcoin, Ether, BNB and Other Tokens

Jenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…

Jenny will discuss developing crypto-linked investment products in a bear market, the mood among her clients and her lon…

Early last week regulators shut down Silvergate Bank, followed by the collapse of Silicon Valley Bank on Friday night – causing markets to go haywire over the weekend as investors rushed to protect their capital.

The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.

The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, per CoinGecko data.

The transaction from Binance’s industry fund to BUSD took 5 seconds and cost merely $1.29, Binance CEO Changpeng Zhao said in a tweet on Monday.

Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.

Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @ shauryamalwa on Twitter

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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.

Follow @ shauryamalwa on Twitter

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