$1 Billion Buying Pressure on BTC, ETH, BNB: CryptoQuant CEO

  • Binance announced that it will convert the last of its Industry Recovery Initiative into native cryptos.
  • BTC, BNB, and ETH have all experienced price increases in the last 24 hours.

The CEO and co-founder of CryptoQuant, Ki Young Ju (@ki_young_ju), tweeted this morning that there will be $1 billion worth of buying pressure on Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).

In his post, the CEO included a tweet by Binance, the leading crypto exchange in daily trading volume, wherein the exchange platform shared that it will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native cryptos including BTC, BNB, and ETH.

CoinMarketCap shows that the total crypto market cap has reclaimed the $1 trillion market and stands at $1.03 trillion at press time. This is after a 24-hour increase of 7.31%.

The price of the crypto market leader has risen 9.14% over the last 24 hours. This 24-hour rise in BTC’s price has elevated the crypto’s price to $22,468.86. Furthermore, the weekly performance for BTC has been flipped into the green and stands at +0.42% currently. BTC’s dominance in the crypto market has risen 0.49% as well and is 42.24%.

ETH, the altcoin leader, also experienced a 24-hour price increase of 8.38%. The altcoin’s weekly performance has also been pushed into the green and stands at +2.88%. As a result, ETH’s price stands at $1,604.68 at press time.

Lastly, Binance’s native crypto token, BNB, received an 8.82% price boost over the last 24 hours. BNB is changing hands at $304.87 as a result, and the altcoin’s weekly performance has also turned positive. Currently, BNB’s price is up 6.61% over the last 7 days.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

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