Binance’s multibillion-dollar portfolio manager, Yi He, who found the cryptocurrency exchange with CEO Changpeng Zhao in 2017, declared the dipping crypto market an ideal time to invest in Web 3.0 projects. This announcement appeared on Coin Edition: “This is the perfect moment for Yi to take on a larger role in Labs as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions.”
The venture capital head simultaneously mentioned she has aggressive plans for the world’s largest cryptocurrency exchange, managing $7.5 billion in assets across 200+ projects for Binance. According to her, the current bear market conditions provide the perfect opportunity to invest in early-stage projects that offer long-term benefits, as well as the tough economic conditions, helping filter the “copycat” projects that only enter the industry to make quick bucks.
In August Binance Labs announced that it had made a 2,100% rate of return since 2018 when it was founded. A part of the returns is a contribution of the various investments the crypto exchange has made including play-to-earn game Axie Infinity, layer 2 blockchain Polygon, metaverse game The Sandbox, and move-to-earn app STEPN. In addition, Binance Labs closed a$500 million investmentfund back in June with partners such as internet investment firms DST Global Partners and Breyer Capital.
Bitcoin price analysis
Bitcoin priceextended lossesafter it settled below the $19,000 level. BTC broke the $18,500 support zone and traded as low as $18,223.
There was no test of the $18,000 zone and the price started an upside correction. There was a steady increase above the $18,500 and $18,800 levels. The price was able to clear the 50% Fib retracement level of the downward move from the $20,198 swing high to $18,223 low.
Source: BTCUSD on TradingView.com
Hourly MACD – losing pace in the bullish zone
Hourly RSI (Relative Strength Index) – above the 50 level
Major Support Levels – $19,200, $18,850
Major Resistance Levels – $19,600, $19,650, $20,500
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