In a major shakeup for the world of cryptocurrencies, Binance CEO Changpeng Zhao has announced that the remaining $1 billion in the Industry Recovery Initiative funds will be converted to native crypto. This includes popular digital assets like Bitcoin (BTC), Binance Coin (BNB), and Ethereum (ETH).
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
The move comes amid changes in stablecoins and banks and is aimed at increasing transparency in the use of funds. Some of the fund movements will occur on-chain, further enhancing the security and accountability of the process.
With Binance being one of the largest and most influential players in the crypto space, this announcement is sure to have a significant impact on the broader markets.
BNB pumps above $300 after CZ’s announcement
A look at Binance’s on-chain metrics and price charts showed improved sentiment and mild rally press time. BNB was up 9% in the past 24 hours, as per Coinmarketcap data.
The daily chart showed a bullish BNB as the Relative Strength Index (RSI) hovered above the 50 mark at press time.
Source: BNB/USDT on TradingView
Monthly holders’ gains and sentiment improved
Source: Santiment
Sentiment retreated from the negative territory and exhibited positive elevation – evidence of positive investors’ expectations and a bullish signal. Similarly, the 30-day MVRV (Market Value to Realized Value) ratio increased to 26% at the time of press time, showing monthly BNB holders’ profits increased to 26%. However, it may not be clear if the bullish sentiment will persist in the mid- or long-term.
