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Bitcoin (BTC) price is struggling for a recovery as Binance raises a $1 billion recovery fund

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Bitcoin (BTC) price is trading on Red Thursday despite Binance’s efforts to calm markets following the spectacular collapse of US-based cryptocurrency exchange FTX.

Binance, the world’s largest cryptocurrency exchange, announced yesterday that it has formed the Industry Recovery Initiative (IRI) to support the struggling crypto industry in the wake of the FTX collapse.

Binance has pledged $1 billion to IRI, “with the intention of increasing that amount to $2 billion in the near future, should the need arise,” the exchange said in a blog post. The company added that it has received around 150 applications from companies interested in supporting the IRI, including Jump Crypto, Polygon Ventures, Aptos Labs, Animoca Brands, GSR, Kronos and Brooker Group.

“The mandate of this new effort is to support the most promising, high-quality companies and projects built by the best technologists and entrepreneurs who are facing significant short-term financial difficulties through no fault of their own. What makes this initiative unique is the collaborative approach to restoring trust in Web3.

Still, bitcoin price is trading near 2-year lows after failing to stage a recovery rally after IRI launch. On Monday, BTC price touched $15,460 – its lowest level since November 2020.

Given that $18,000 provided major support for bitcoin, this zone is now likely to act as resistance and limit any attempt to initiate a rally. On the downside, $13,900 provides some level of support for struggling bulls.

By Senad Karaahmetovic

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers

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