Give the recent issues with USDC, Binance have decided to pump the price of BTC, BNB and ETH by dumping their $1 billion IRI stablecoin holding
Given the changes in stable coins and banks, #Binance will convert the remaining of the $1 billion Industry Recovery Initiative funds from BUSD to native crypto, including #BTC, #BNB and ETH. Some fund movements will occur on-chain. Transparency.
Source:
https://twitter.com/cz_binance/status/1635131601884700674Clearly should of just gone 100% Bitcoin. Ethereum isn't a reserve asset due to the upgrades that take place while BNB is probably less reliable than USDC. But of course, he shills his exchange token in the process even if only a small percentage goes into it (knowing it's not a reliable SoV). Who was it that said stablecoin failings was bad for Bitcoin? So far price is up +10% and not showing any signs of slowing down.
Doubt my $19.2K bid will get filled now, still managed to get $20.2K. Maybe quick pull-back to $21.5K before further upside? Should have just put it all on the 200 Day MA at $19.7K in hindsight. Didn't expect the bullish bounce from support to be so "picture perfect", was anticipating a bit more mess with bear trap, rather than bullish continuation. Now price has left the $19K to $21.5K accumulation zone again.
Anyway. Another day, another pump. Back above $23K local distribution zone and price will be re-testing again $25K in no time. 50 Week MA resistance now at $23.1K, down from $24.7K.
