Bitcoin Struggles to Further Rise Despite Binance’s Crypto Rescue Fund

© Reuters.

(BTC) remained broadly stable on Friday despite efforts by Binance to calm markets after the dramatic collapse of US-based cryptocurrency exchange FTX.

Binance, the world’s largest cryptocurrency exchange, said yesterday that it has established the Industry Recovery Initiative (IRI) to support the struggling crypto industry following the collapse of FTX.

Binance has committed $1 billion to IRI “with the intention of increasing this amount to $2 billion in the near future if the need arises,” the exchange said in a blog post. The company added that it has received approximately 150 applications from companies interested in supporting IRI, including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group.

“The mandate of this new effort is to support the most promising, highest quality businesses and projects built by the best technologists and entrepreneurs who, through no fault of their own, are facing significant financial hardship and short What makes this initiative unique is the collaborative approach to restoring trust in Web3,” reads a blog post.

Still, bitcoin price is trading near its two-year low after failing to stage a relief rally following the launch of the IRI. On Monday, the price of BTC hit $15,460, the lowest level since November 2020.

Since $18,000 offered major support for bitcoin, this area is now likely to act as resistance and capture any recovery attempts. On the downside, the $13,900 offers some degree of support for embattled bulls.

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