11/14/2022 | Benzinga
Bitcoin, Ethereum, Dogecoin Rebound After Binance's CZ Declares 'Industry Recovery Funds' To Ease FTX Ripple Effects
Binance CEO Changpeng "CZ" Zhao’s latest announcement on Twitter has triggered a rebound in the prices of Bitcoin and other cryptocurrencies.
What Happened: CZ said he’s forming an “industry recovery fund” to support “strong” companies and projects that are struggling with liquidity in the aftermath of the collapse of FTX, saying he would reveal more details soon.
Price Moves: Apex coin BTC rose 4.6%, ETH 5.37% and Dogecoin over 6.56% in the last hour. Solana was up 12%, and Polygon by 6%, providing relief to altcoins as well.
CZ has asked all the companies facing liquidity crunch to contact Binance Labs. When a user asked if FTX would have qualified for this category, CZ replied, “Liars or fraud never qualify as strong projects. This is for other projects in the ecosystem,” CZ responded.
He has also welcomed other industry players with cash who want to co-invest. “Crypto is not going away. We are still here. Let's rebuild."