Binance's $1B Fund Conversion Boosted Bitcoin Rally: Crypto Expert

Binance plans to deploy $1 billion toward Bitcoin and other cryptocurrencies.
The report by Binance could have hedged the Biggest crypto rally.
Bitcoin surged briefly above $26,000 before falling back down.

Daan de Rover AKA (Crypto Rover), the founder of CryptoSea, provided insights on recent volatility as observed in the cryptocurrency markets. The Crypto Rover reports that the 1 billion US dollars deployed towards Bitcoin BNB could have resulted in the recent rally in the Bitcoin price.

It is essential to remember that Binance’s CEO announced earlier that the exchange would be converting the remaining $1 billion. Concretely, the funds from its Industry Recovery Initiative would be converted from BUSD to native cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), and Ethereum.

Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
— CZ 🔶 Binance (@cz_binance) March 13, 2023

Daan de Rover continues by pointing out that reports on inflation indicated a number that came in at 6%, which was also practically precisely as anticipated. According to him, as a consequence, there was not a significant movement in the market; nonetheless, the price of Bitcoin did temporarily surge above $26,000 before falling back down again.

According to the YouTube celebrity, while looking forward to the next meeting of the Federal Reserve, there is an estimated possibility of 21% that there will not be an interest rate rise. On the other hand, an approximate probability of 79% exists that there will be a 25 basis point hike.

In general, these new events point to the fact that the cryptocurrency market is still in flux, as innovations and trends constantly appear. Experts in the market advise investors and traders to be abreast of the most recent news and always be ready to adjust their strategies in response to shifting market circumstances.

In conclusion, the price of Bitcoin is now $24,792.76 with a $52,652,559,380 24-hour trading volume, according to CoinMarketCap data. The BTC/USD pair is up 2.19% in the past 24 hours, with a live market cap of $478,947,861,696 in the same span.

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Source: https://coinedition.com/binances-1b-fund-conversion-boosted-bitcoin-rally-crypto-expert/