2023-05-08 12:07:06
AIn the crypto market, the news that the crypto exchange Binance has suspended Bitcoin withdrawals twice in the space of twelve hours is causing selling pressure. The world’s largest trading place for digital currencies referred to an overload of the blockchain. To ensure bitcoin miners execute the transactions, Binance has increased fees. In Asian trading, Bitcoin withdrawals were not possible at Binance for more than two hours on Monday because they were not entered in the virtual cash book.
“To prevent something like this from happening again in the future, we have adjusted our fees,” it said. “We will continue to monitor activities on the blockchain and adjust accordingly if necessary.” Bitcoin withdrawals are now possible again. Yesterday, Binance stopped bitcoin withdrawals for about 90 minutes and already pointed out that the blockchain was overloaded.
Transactions of 4 billion euros
Binance saw around $4.4 billion worth of Bitcoin moving across the exchange’s digital money wallets on Sunday, according to blockchain analytics specialist CryptoQuant. This happened in two tranches of 117,000 and 40,000 Bitcoin, as analysis chief Julio Moreno explained in a tweet. In his view, however, the volume of effective outflows should have been only 10,100 BTC.
Binance tweeted on Monday that due to BTC address adjustments, coins had been moved between wallets with a permanent internet connection (hot) and so-called cold wallets. The latter are seen as a particularly secure way of storing digital currencies.
Last year’s crypto crash, and particularly the bankruptcy of exchange FTX, has undermined trust in digital asset platforms. Crypto traders are therefore on the alert for major asset-related shifts on exchanges.
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