The giant crypto exchange Binance's in-house token, BNB, led a broad rebound in digital-asset markets on Tuesday after CEO Changpeng "CZ" Zhao announced a plan to rescue billionaire Sam Bankman-Fried's rival FTX exchange from the throes of a blockchain-era deposit run.
The CoinDesk Market Index, which tracks a basket of 162 digital assets, jumped about 4.8% in a little over an hour.
Most cryptocurrencies were plunging earlier in the day as fears spread that FTX might be facing liquidity issues; data showed that the balance of bitcoin on the FTX exchange had plunged by 99% to literally 1 BTC (worth about $20,000).
Crypto markets sharply rebounded after Bankman-Fried, FTX’s CEO, and Zhao – in a Twitter feud over the past few days – tweeted that their firms reached a deal.
BNB jumped 20% after the announcement and was changing hands at $362 as of press time. The token has outperformed the broader crypto market, up 11.5% in the last 24 hours. The CMI is still down 1.9% over the past 24 hours.
Bitcoin (BTC) surged above $20,000 and was changing hands around $19,766, down 4.5%, but still up from a low around $19,300 earlier in the day. Ether (ETH) popped 6% in an hour, recently trading around $1,500.
The crypto exchange FTX's FTT token bounced after the announcement but was still down 34% over the past 24 hours.
Solana's SOL, which had tumbled Monday on speculation that Bankman-Fried's trading firm, Alameda Research, might have to dump some of its holdings in a bid to raise liquidity, was still nursing an 18% loss.
Litigation and rebuttal often lag in correcting mistakes, and the best way to change negative impressions is to grow positive value. In the field of crypto assets, this is true for Bitcoin, and so must Binance.
JinseFinanceBinance unveils "Inscriptions Marketplace" for seamless trading and minting of BRC-20 and EVM tokens. Integration with Binance Web3 Wallet enhances user experience, reinforcing Binance's position in the cryptocurrency ecosystem.
EdmundBinance discontinues BUSD support, prompting users to take immediate action. This strategic move aligns with the exchange's commitment to adaptability in the dynamic crypto landscape.
Huang BoThe company's objective is to enhance accessibility to digital collectibles, enabling users to acquire them without relying on Web3 wallets or exchanges.
DavinAuthentickator and Smobler have joined forces to bridge the gap between Web 3 and Web 2, making blockchain-based assets and experiences accessible to a broader audience.
JoyAn errant Google Forms account and an early trading launch were among the missteps that concerned team members at Binance.
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BeincryptoBinance plans to increase employees by up to 30% in 2023. It has over 687 job openings presently.
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