Binance forming recovery fund to help projects in liquidity crisis

Binance CEO's announcement triggers rise in Bitcoin, Ether

Cryptocurrency prices rallied Monday after Binance Holdings Chief Executive Officer Changpeng Zhao announced plans to launch a crypto recovery fund to help industry players facing a liquidity crunch. 

Bitcoin edged towards $17,000 following Zhao’s announcement.

Zhao said the fund is intended to prop up investor confidence following the dramatic collapse of Sam Bankman-Fried’s FTX crypto exchange, which wiped out about $200 billion in crypto market value. Zhao has not announced any details.

Bitcoin, Ether rise as FTX fallout extends

Bitcoin edged higher Monday, charting a tentative recovery after a brutal week that raised questions about the future of the cryptocurrency industry.

Bitcoin rose 1.3 per cent from 24 hours prior to $16,676. The cryptocurrency traded above $20,000 a week ago. Ether rose 2.7 per cent from the prior day to $1,255. It has lost roughly 24 per cent of its value in the last week.

London loses crown of biggest European stock market to Paris

Britain lost its title of Europe’s largest equity market to France as economic growth concerns weigh on UK assets while China’s relaxation of Covid rules boosts French luxury shares. The combined market capitalisation of primary listings in Paris overtook that of the London in US dollar terms, according to an index compiled by Bloomberg.

Domestically-focused UK shares have slumped this year, while French luxury goods-makers have recently been boosted by optimism over a potential easing of China’s Covid Zero policy. Currency movements have also worked in Paris’s favor.

The market cap gap between the UK and French stock markets has been narrowing from about $1.5 trillion since Britons voted to leave the European Union back in 2016. British equities are now worth about $2.821 trillion compared with about $2.823 trillion for French equities.