As the market celebrates Thanksgiving, Bitcoin trades sideways on November 25, maintaining a narrow range of $16,350 to $16,700.The crypto market sentiment remains "risk-off" due to FTX-driven fear, uncertainty, and doubt (FUD).
The failure of FTX, one of the largest cryptocurrency exchanges, stunned the entire industry. Following the devastation, the largest cryptocurrency exchange by volume is leading the charge to rebuild infrastructure.
Binance has launched the Industry Recovery Initiative, a $1 billion fund to assist struggling cryptocurrency firms. In an interview with Bloomberg on November 24, crypto billionaire Changpeng "CZ" Zhao stated that the fund would have a "loose" structure, be publicly available on the blockchain, and accept contributions from other industry participants.Binance has contributed $1 billion in cryptocurrency to the project, which could be increased to $2 billion if necessary.According to the company, it has already received 150 requests for assistance from various struggling businesses.
Furthermore, CZ confirmed that the fund may be interested in purchasing troubled cryptocurrency projects purchased by the now-defunct exchange FTX.Polygon Ventures, Animoca Brands, Jump Crypto, Aptos Labs, GSR Markets, Kronos, and Brooker Group are among the companies that have already contributed $50 million to the initiative.Read more on cryptonews.com