- AEX stops BTC and top altcoins withdrawal.
- The halt is said to be for a period of 2 to 3 days.
- Mounting up liquidity and fera the reason for such halts.
The AEX, a global crypto exchange based in Seychelles has socially announced the stopping of withdrawals of the Bitcoin (BTC) and top prominent altcoins too. This is said to be temporary for a period of 2 to 3 days. The major altcoins subject to the halt include Ethereum (ETH), Solana (SOL), Litecoin (LTC), Dogecoin (DOGE), Polkadot (DOT).
In addition to this, the stable coins such as the USDT and USDC withdrawals have also been halted by AEX. The major reason behind such chaos for the AEX exchange is with the mounting up liquidity.
Behind AEX’s Decisions
As expected the market crash continues further down, going straight to a week’s time soon. Highly disastrous is the market condition right now. The prices of BTC, ETH and other altcoins are dropping at such an alarming rate.
Currently, BTC is trading for the price of $20,709, with the graphs down by 3.5% for the past 24 hours. Similarly the price of ETH is at $1,092, with the graphs down by 3.15% for the past 24 hours.
As a result, the entire overall market cap for the crypto industry is tumbling down below $1 Trillion, raising extreme fear among the investors and holders. With the increased panic w withdrawals, many exchanges and crypto based platforms are now undergoing an almost bankrupt situation all over the world.
However, AEX states that they are going towards almost 100% liquidation, with the growing withdrawal rates. This liquidity pressure has resulted in delays for the withdrawals. Accordingly, AEX puts forth that this halting is primarily due to the high panic withdrawals.
Currently, the overall market cap for the AEX exchange is less than $2.85 billion, for the past 24 hours. In spite of all this, during this period of 2 to 3 days, AEX states that it will be coming up with a mitigation plan.
On the other hand, apart from the prominent altcoins, other altcoins are free to be withdrawn though.
