Bitcoin rises as investors await recovery fund details

Cryptocurrencies were seen rising on Tuesday as investors then awaited more details regarding the industry's recovery fund from Binance Holdings Ltd CEO Changpeng "CZ" Zhao.

The recovery program allows a pause from the devastating sell-off caused by the bankruptcy of Sam Bankman-Fried's FTX exchange.

Billionaire Zhao, operator of the world's largest cryptocurrency exchange, announced a plan Monday to create a fund and said more details would be released later. The move could stabilize the industry after a $200 billion drop in the value of digital assets since FTX first started having problems.

According to Quantum Economics CEO Mati Greenspan, while markets have benefited from Zhao's actions, such a fund may not be the best solution for the industry. Binance already has too much control over the decentralized market, he said.

Greenspan said that such an increase in power by Binance makes the economist uncomfortable. Cryptocurrency was created to avoid such a fate, he said, and the creation of the fund is one of the lessons everyone should have learned from last week's results.