CZ announced the temporary suspension of Bitcoin withdrawals citing a stuck transaction on the blockchain.
Binance, the world’s most prominent exchange by trading volume, has revealed the temporary suspension of Bitcoin withdrawals amid concerning market turmoil.
Binance CEO Changpeng Zhao (CZ) took to Twitter to publicize the platform’s move. The founder assured users that the funds are safe and that the suspension of withdrawals is associated with a delay caused by a blocked transaction on the Bitcoin main net.
CZ, who regularly appears on Twitter supporting Binance in front of his 6.4 million followers, highlighted early in the same thread that the move only impacts the Bitcoin blockchain but withdrawals on other networks like BEP. -20 were still available.
CZ also said the issue could take “a little longer to fix” than his initial estimate. The Binance team is currently working to solve this issue and will inform users once the withdrawals get reinstated.
The exchange updated the information in a tweet that occurred at 11:30 am (New York time) and announced the resumption of Bitcoin withdrawals.
Bitcoin and the Current Crypto Market Panorama
The news about the suspension of Bitcoin withdrawals comes Amid a massive crash in the digital asset markets. The most important digital asset has retreated below $24,000 to levels not experienced since late 2020. Meanwhile, the rest of the crypto assets are also experiencing vital double-digit percentage losses.
Ethereum, the second-largest digital asset, has crumbled down at least 15% this Monday, reaching depths near USD 1,000. The final capitalization of the global digital asset market has crashed below the $1 trillion level for the first time since January 2021.
As CoinDesk highlighted in a report, the Crashdown arrived due to an extensive collapse in global stock markets after nocive US Consumer Price Index data got revealed last week. Inflation ascended to over 8 .3% in May on a basis intended for a year, which has decreased investor confidence in the crypto sector.
Bitcoin’s drastic retreat, which has crumbled to more than 60% from its all-time price high reached in November last year, also happened due to a market sell-off. According to the information given by crypto analytics firm CoinGlass, just over $990 million worth of crypto got liquidated in the last day.
Most prominent digital asset exchanges often experience struggles linked to performance when there is high market volatility, which has possibly caused worsened the situation for Binance, as U.Today recalls.
By: Jenson Nuñez
