- 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.
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