:Crypto Daybook Americas
By Omkar Godbole (All times ET unless indicated otherwise)
STORY CONTINUES BELOW
Trending: Ethereum Price Struggles At Resistance, Opening Door To Renewed Losses
The crypto market’s beating on Thursday spurred industry heavyweights into “plunge protection” mode, a term for coordinated moves to steady a sinking ship.
As bitcoin neared $81,000, the lowest since November, and analysts warned of a deeper drop, Binance sprang into action. The largest crypto exchange by volume traded said it will switch its user protection fund into bitcoin from stablecoins and, more importantly, buy BTC to replenish the fund back to $1 billion if the value fell below $800 million.
Crypto billionaire and Tron founder Justin Sun acknowledged Binance’s effort, announcing on X that Tron will also buy more bitcoin in the future.
These moves are likely
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