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Cryptos Rebound After Binance CEO Announces Industry Recovery Fund, Calls For Regulation

•, by Tyler Durden

"To reduce further cascading negative effects of FTX, Binance is forming an industry recovery fund, to help projects who are otherwise strong, but in a liquidity crisis," CZ tweeted early Monday, adding that he welcomes "other industry players with cash who wants to co-invest. Crypto is not going away. We are still here. Let's rebuild."

After tumbling earlier in the session, Bitcoin and Ethereum immediately jumped on the tweet that has received more than 48k likes and nearly 9.5k retweets. The upside move in Bitcoin was about 7%.

At the G20 summit in Bali, CZ called for more regulations, according to Reuters.

"We do need to do this properly, we do need to do this in a stable way."

"I think the industry collectively has a role to protect consumers, to protect everybody. So it's not just regulators. Regulators have a role but it's not 100% their responsibility."