Cryptocurrency markets have left behind a very difficult day. Binance, the world’s largest cryptocurrency exchange, had to close its Bitcoin (BTC)-related withdrawals twice. Let’s take a look at what happened.
Binance, in its statement yesterday evening, announced that there was a network congestion in Bitcoin and that withdrawal processes were stopped due to this. This statement, which was made at around 18:15, was renewed approximately 1 hour later, and it was announced that the problems were resolved at 19:30 and the shooting could be done again. However, this did not last long.
BTC withdrawals paused again in the morning!
At 4:15 am, a new statement came from Binance’s official Twitter account. In this statement, it was stated that BTC withdrawal transactions were stopped again due to the volume size in the accumulated transactions. This time, the cause of the problem was Binance itself. In the statement, it was stated that there was a problem due to commission fees, and the developer team was working on it.
Towards 7 o’clock, it was stated that the problems related to the shooting operations were corrected and the operations started again. Binance stated that the necessary updates have been made to avoid a similar problem in the future. Yes, Binance users can continue to trade with Bitcoin on the stock market as of now.
Bitcoin was not affected much by what happened.
The events in Binance did not cause huge losses in BTC and other crypto assets. BTC, which was traded at $ 28 thousand 900 24 hours ago, fell to $ 28 thousand 175 with a loss of about 3 percent after the events. The biggest loss in value among the 10 cryptoassets with the largest volume was in Ripple (XRP), with 4.43 percent.
The incident revealed that Binance has done well in crisis management. With the steps taken and instant notifications, the hearts of investors were provided with peace of mind. This prevented further declines.
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