Tumbling market sets giants into 'plunge protection' mode: Crypto Daybook Americas
Major crypto players, including Binance, initiated 'plunge protection' measures as Bitcoin neared $81,000 amid broader market declines.Summary
The sharp downturn in the crypto market on Thursday, which saw Bitcoin approach $81,000, prompted industry heavyweights to adopt 'plunge protection' strategies aimed at stabilizing prices. Binance announced it would switch its user protection fund to Bitcoin and buy BTC to maintain a $1 billion reserve if the value dropped below $800 million. Tron founder Justin Sun followed suit by announcing Tron would also buy Bitcoin. Despite these efforts to calm nerves, analysts suggest that without a clear bullish catalyst, these interventions might be overcome by macro headwinds, such as tightening dollar liquidity and the potential appointment of a hawkish Fed Chair candidate, Kevin Warsh. Bitcoin continued to trade down over 6% in 24 hours, with other major tokens mirroring the losses, while BTC dominance slightly slipped. Meanwhile, traditional assets like gold and silver also pulled back sharply from record highs.
(Source：CoinDesk)