Binance, the world’s largest cryptocurrency exchange, has raised its emergency insurance fund “SAFU” to US$1 billion equivalent in cryptocurrencies, founder Changpeng Zhao said in a Tweet on Wednesday.
Bitcoin recovered slightly in Wednesday afternoon trading in Asia after hitting a year-low of US$17,604 this morning amid news of Binance’s takeover of the FTX exchange following speculation of solvency issues at FTX, although several coins extended their declines.
“Pharma bro” Martin Shkreli has tried to reassure Terra chief Do Kwon that life in jail is “not the worst”, while they discussed the Binance-FTX deal on the UpOnlyTV podcast.
Bitcoin and Ether slumped in Tuesday afternoon trade in Asia, with almost every other top 10 cryptocurrencies by market capitalization, excluding stablecoins, also losing ground. For the second consecutive day, polygon was the only coin that strengthened.
In a period of toxic divide between the Democrats and Republicans, the need to figure out how to regulate the growing cryptocurrency industry is one of the few issues both parties seem to agree on.
BitDAO, or BIT, the token supported by crypto exchange Bybit, dropped more than 20% within an hour at one stage around noon on Tuesday in Asia.
Binance chief executive officer Changpeng Zhao (CZ) said in a Twitter thread that he had no intention of picking a fight with FTX CEO Sam Bankman-Fried.
Bitcoin dipped below US$21,000 in Tuesday morning trading in Asia as Ether and most other tokens in the cryptocurrency top ten by market capitalization, excluding stablecoins, lost ground.
Binance is preparing to operate in South Korea’s crypto market, said CEO Changpeng Zhao at the Web Summit 2022 held in Lisbon.
Top blockchain and crypto news: Hong Kong rethinks digital assets. CBDC to debut in India. China’s e-yuan privacy problem.