Binance Exchange Halts Bitcoin (BTC) Withdrawals Amid Turbulent Conditions

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  • The biggest cryptocurrency’s price fell to $23,964 as per CMC.
  • One can still withdraw Bitcoin on other networks like BEP-20 as per Zhao.

With the recent turmoil in the cryptocurrency market, the Binance exchange has temporarily paused all Bitcoin withdrawals. The CEO, Changpeng Zhao, tweeted about it. Zhao has assured customers that their funds are secure because of the delay created by a stalled on-chain transaction.

Only Bitcoin Network Impacted

An official notification from the Binance team states that they are actively working on a solution. Zhao asserted that he expects the issue to be resolved in 30 minutes.

But soon, CZ tweeted again, stating that it would take longer than the previous estimate and informed that only the Bitcoin network was impacted. One can still withdraw Bitcoin on other networks like BEP-20.

Major cryptocurrency exchanges can have performance concerns when the market is very volatile. This morning, the biggest cryptocurrency’s price fell to $23,964 as per CMC, continuing its gloomy run to a new low. Since January 2021, the overall cryptocurrency market capitalization has fallen below $1 trillion for the first time.

As macroeconomic circumstances deteriorate and the Celsius incident plays out, the cryptocurrency market has taken a beating. Bitcoin enthusiasts were rattled earlier today when one of the top cryptocurrency lenders temporarily halted all withdrawals. In terms of trade volume, Binance is the world’s biggest exchange. CZ, a frequent contributor to projects and the market, routinely tweets on behalf of Binance to his 6.4 million followers.

An engineering graduate who is passionate about writing and loves the very existence of crypto. Trading forex currency keeps me busy when I am not writing and analysing the crypto world.