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CZ Binance reacts to FED injecting $53 billion into banking system

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Vineet Chaudhary
Vineet Chaudhary
Vineet Chaudhary is a content writer with computer applications as his background field. His interests range from writing and photography to going out for trips and rides on weekends.

While SEC is working against cryptocurrencies and working on regulations against them, Federal Reserve just injected $53 billion in the banking system. This transaction was done by the repurchase agreements (repo), and an additional amount of $75 billion will be added soon.

This news spread like a forest fire and to this CEO of Binance, Changpeng Zhao reacted with a Tweet by saying that these steps by the government institutions will force people to enter the crypto market and it won’t be a choice anymore. It just depends on how long it will take for this to happen.

This injection of $53 billion in the banking system affected the cryptocurrency market as the price of Bitcoin nosedived towards the $9,700 levels. This sudden drop in the price caused the liquidation of longs worth $150 million on the trading platform, BitMEX.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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