Crypto Biz: Binance Promises Aid Amid Market Turmoil as Bitcoin Thrives

Crypto markets are experiencing turbulence after Bitcoin reached over $126,000, followed by significant volatility that has shaken trading dynamics. This past Friday saw the largest-ever liquidation event in cryptocurrency history, affecting about $19 billion in trades.

Just when the market thought it was safe, it was sent into a nosedive due to comments made by US President Donald Trump regarding tariffs against China. Many tokens displayed zero prices momentarily, indicating the chaotic landscape for traders.

In the wake of the fallout, Binance emerged with a $400 million relief initiative targeting impacted traders. Eligible users who faced liquidations during the chaos will receive $300 million in token vouchers. The exchange is also establishing a $100 million low-interest loan fund despite reiterating that it will not take responsibility for losses.

Moreover, JPMorgan is ready to offer cryptocurrency trading to its clients as it shifts towards digital assets, as outlined by Scott Lucas, its digital market head. Contrarily, Elon Musk has lauded Bitcoin’s attributes in combating currency devaluation, suggesting it serves as a stronger safeguard than fiat currencies.

Meanwhile, institutional interest in Bitcoin is surging, with a remarkable 38% increase in companies holding Bitcoin as a reserve asset in just three months, significantly driven by Michael Saylor’s advocacy and the expansion reflected in Bitwise’s recent report.

Source: Elon Trades

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