Binance CEO Changpeng Zhao announced the move to convert $1 billion Industry Recovery Initiative funds from BUSD to ‘native crypto’, such being Bitcoin and Ethereum alongside BNB.
This move could result in a massive influx of buyers and positive market sentiment for these three cryptocurrencies. According to Ki Young Ju, CEO of on-chain data firm CryptoQuant, the move, by producing $1 billion in buying pressure, could easily trigger a potential bullish signal for the crypto market.
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