Binance fueled the recent rise in the price of Bitcoin
Daan de Rover AKA (Crypto Rover), the founder of CryptoSea, provided insight into the recent volatility seen in Bitcoin and the broader cryptocurrency markets. Crypto Rover reports that the US$1 billion invested by Binance in Bitcoin, Ethereum and BNB could have resulted in the recent BTC price rally.
It is essential to remember that the CEO of Binance previously announced that the exchange would convert the remaining $1 billion. Specifically, the funds from his Industry Recovery Initiative would be converted from BUSD to native cryptocurrencies such as Bitcoin (BTC), Binance Coin (BNB), and Ethereum.
Rover’s Daan goes on to point out that reports on inflation indicated a number coming in at 6%, which was also pretty much exactly as expected. According to him, as a consequence, there was no significant movement in the market; nevertheless, Bitcoin price temporarily rose above $26,000 before falling again.
According to the YouTube celebrity, as he looks forward to the next Federal Reserve meeting, there is an estimated 21% chance that there will be no interest rate hike. On the other hand, there is an approximate 79% probability that there will be a rise of 25 basis points.
In general, these new events point to the fact that the cryptocurrency market is still changing, as innovations and trends are constantly appearing. Market experts advise investors and traders to stay abreast of the latest news and always be ready to adjust their strategies in response to changing market circumstances.
In conclusion, the price of Bitcoin is now $24,792.76 with a trading volume of $52,652,559,380 in 24 hours, according to data from CoinMarketCap. The BTC/USD pair is up 2.19% in the last 24 hours, with a live market capitalization of $478,947,861,696 over the same span.