Crypto exchange Binance said it will convert $1 billion worth of Binance USD (BUSD) to bitcoin (BTC), ether (ETH), BNB coin (BNB) and other tokens to support the market.
The move likely contributed to buying pressure. Bitcoin jumped over $22,500 in Asian hours on Monday while ether regained the $1,600 market. BNB rose over 10% to trade over $300, setting two-week highs, as per CoinGecko data.
The move came as the crypto market suffered another blow in early Asian hours as U.S. regulators shut down the crypto-friendly Signature Bank, adding further stress to the market.
Early last week saw regulators shut down Silvergate, followed by the collapse of Silicon Valley Bank on Friday night – causing markets to go haywire over the weekend as investors rushed to protect their capital.