© by BenzingaBinance CEO Changpeng Zhao said Sunday that the exchange converted over $1 billion of BUSD (CRYPTO: BUSD ) into Bitcoin (CRYPTO: BTC ), Binance Coin (CRYPTO: BNB ) and Ethereum (CRYPTO: Ethereum ) to fund industry recovery initiatives . .
What happened Zhao, known as “CZ”, tweeted that the BUSD Binance Industry Fund transaction took 15 seconds and cost only $1.29, likely helping the buying pressure on Bitcoin, Ethereum and BNB.
Also See : India's Best Bitcoin and NFT Rewarding Apps
All three assets hit two-week highs, with Bitcoin above $22,500 and Ether above $1,600.
Last weekend saw another shock in the crypto market when Signature Bank (NASDAQ:SBNY) and Silicon Valley Bank, a subsidiary of SVB Financial Group (NASDAQ:SIVB), collapsed.
This comes after regulators shut down Silvergate Capital Corp. (NYSE:SI) earlier this week.
Price action . According to Benzinga Pro, ETH rose 8.10% to $1,596.
for reading. Bitcoin Surges To $22k, Ethereum, Dogecoin Rally As Team Biden Hits SVB; Analysts believe that Apex Crypto is worth $25k if it goes above that level.
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Binance's article Reveals Crypto's Advantage Over Banks With Fast $1 Billion Transfers “15 Seconds & $1.29 Fee” originally appeared on Benzinga.com.
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