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 BTC/USD, Ethereum ETH/USD 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.

See More: Best cryptocurrencies to hedge against inflation?

Price Moves: Apex coin BTC rose 4.6%, ETH 5.37% and Dogecoin DOGE/USD over 6.56% in the last hour. Solana SOL/USD was up 12%, and Polygon MATIC/USD 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."

Read Next: Bitcoin, Ethereum, Dogecoin Head For New Lows As, BlockFi Add To FTX Scare — A Bear Market Worse Than 2018?

Photo courtesy: Web Summit On Flickr

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