Bitcoin Plunge Leads Binance to Boost Its $1 Billion Safety Fund by 1,300 BTC

Written by Emily J. Thompson, Senior Investment Analyst

Source: stocktwits

Updated: 6d ago

0mins

Should l Buy ?

Source: stocktwits

Binance's Bitcoin Purchase: Binance has added 1,315 Bitcoin, valued at approximately $100.7 million, to its Secure Asset Fund for Users (SAFU), marking the fund's first Bitcoin purchase in nearly two years.
Conversion Plans: The exchange plans to convert $1 billion in SAFU reserves from stablecoins into Bitcoin over the next 30 days, following a recent price drop of Bitcoin to around $74,000.
Market Sentiment: Retail sentiment around Bitcoin has shifted to "extremely bearish," with significant price fluctuations leading to a decline in overall cryptocurrency market value by over 3% in the last 24 hours.
User Concerns: Some users have expressed concerns about market manipulation by Binance, attributing Bitcoin's price drop to the exchange's actions, while the overall market liquidity has decreased significantly.

Trade with 70% Backtested Accuracy

Stop guessing "Should I Buy ?" and start using high-conviction signals backed by rigorous historical data.

About the author

Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.

GET FREE REAL TIME NOTIFICATIONS

Stock Monitor for NVDA?

Get Started Free

FREE STOCK RECOMMENDATIONS DAILY

Stock Bullish Tomorrow

Get Started Free

70% BACKTESTED ACCURACY!

Should I Buy NVDA?

Get Started Free