RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Thursday, falling by 5.52 percent to $29,830.77 as of 9:30 a.m. Riyadh time. Ethereum, the second most traded cryptocurrency, was priced at $1,818.73 down by 5.91 percent, according to data from Coindesk. Bitcoin falls back to below $30,000 Bitcoin traded lower on Thursday, falling by 5.52 percent to $29,830.77. It lost around $1,708.49 from its previous closing price reported on Arab News. It was down 38.9 percent from the year’s high of $48,234 on March 28, according to Reuters. Venture capital arm of Binance raises $500 million fund Binance Labs, the venture capital arm of cryptocurrency exchange Binance, raised $500 million (SR1.8 billion) for its investment fund focused on blockchain and Web3 companies, according to a statement. Through the new fund, cryptocurrencies will be used in new ways and Web3, and blockchain technologies will be adopted more widely. Among the fund’s investors are DST Global Partners, Breyer Capital and Whampoa Group, as well as other private equity firms and family offices. Founder and CEO of Binance Changpeng Zhao ‘CZ’, said: “The goal of the newly closed investment fund is to discover and support projects and founders with the potential to build and to lead Web3 across DeFi, NFTs, gaming, Metaverse, social, and more.” The $500 million investment fund announced on June 1 is expected to be allocated to projects spanning all three stages that Binance Labs invests in, the statement added. Incubation, early-stage venture, and late-stage growth are the three stages.