Binance and Celsius put cryptocurrencies in check by freezing the withdrawal of Bitcoin on their networks

Bitcoin loses $23,000

Updated

Binance has announced a temporary suspension, while Celsius has suspended withdrawals, trades and transfers due to “extreme conditions” in the market.

Binance and Celsius put cryptocurrencies in check by freezing the withdrawal of Bitcoin on their networks

Cryptocurrencies live their particular black Monday within the day of panic in the markets and two names, Binance and Celsius Network, have largely contributed to this. The result is a Bitcoin dumped below $23,000 and the red installed in the rest of virtual currencies.

On the one hand, Binancethe cryptocurrency trading platform and infrastructure provider, has temporarily suspended withdrawals through the bitcoin network as a result of the blockage of one of the processed batches, while bitcoin withdrawals through Bitcoin remain open and function normally. other networks.

“This is because a previous batch of transactions got stuck due to low transaction fees sent and thus resulted in a backlog of refunds from the Bitcoin (BTC) network,” explained the company, which hopes to resume soon withdrawals from the network.

In this sense, the founder and CEO of Binance, Changpeng Zhaoadvanced through his Twitter profile the temporary suspension of BTC withdrawals on the platform “due to a stuck transaction”, adding that the problem should be fixed in about 30 minutes, although he later announced that “it is likely to take a while.” more to get ready.”

Added to Binance’s problems is the decision also announced this Monday by Celsius Network to suspend all withdrawals, exchanges and transfers between accounts as a result of “extreme conditions” in the market.

“We are making this decision to put Celsius in a better position to meet, over time, your retirement obligations“, reported the platform in a statement.

The firm, which allows its users to use their crypto assets as collateral to finance their projects, has explained that it decided to activate a clause in its Terms of Use that will allow this process to be carried out, stressing that it has “valuable assets” and is working diligently. to fulfill its obligations.

“We are taking this necessary step for the benefit of our entire community to stabilize liquidity and operations while taking steps to preserve and protect assets,” he added, noting that customers will continue to accrue rewards during the suspension.

Celsius Network’s ‘playpen’ comes just a few weeks after the baptized as crypto crash originated by Terra and its token Luna and has given the finishing touch to a Bitcoin price that had already been touched in recent days. The most popular of cryptocurrencies sinks more than 18% this Monday and is below 23,000 dollars (22,640), dragging with it the rest of virtual currencies. Ethereum is left almost 22%, up to 1,188 greenbacks; Cardano, 17%; Solana, 21.5%, in line with others such as Dogecoin (-21%).

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