The giant crypto exchange Binance's in-house token, BNB, led a broad rebound in digital-asset markets on Tuesday after CEO Changpeng "CZ" Zhao announced a plan to rescue billionaire Sam Bankman-Fried's rival FTX exchange from the throes of a blockchain-era deposit run.
The CoinDesk Market Index, which tracks a basket of 162 digital assets, jumped about 4.8% in a little over an hour.
Read more: FTX, Binance Deal Draws Antitrust Concern
BNB jumped 20% after the announcement and was changing hands at $362 as of press time. The token has outperformed the broader crypto market, up 11.5% in the last 24 hours. The CMI is still down 1.9% over the past 24 hours.
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