According to a tweet made by CEO Changpeng Zhao on June 13, cryptocurrency exchange Binance temporarily blocked the withdrawal of Bitcoin due to market volatility.
Zhao says the withdrawal is due to a backlog caused by the on-chain transaction, which guarantees customers that their money is safe.
Zhao tweeted the following:
According to the official announcement, the Binance team is actively working on the solution. Zhao says the matter will be resolved in half an hour. When there is a lot of market volatility, large cryptocurrency exchanges often have performance concerns.
The price of the largest cryptocurrency dropped to $ 23,964 on the Bitstamp platform earlier today, continuing its sad trend. For the first time since January 2021, the total market value of cryptocurrencies went below $1 trillion during sales growth.
According to data provided by crypto analytics company CoinGlass, approximately 316 million cryptocurrencies have been deleted in the last four hours alone.
The cryptocurrency market is plagued by a double decay of macroeconomic conditions and the ongoing Celsius crisis. One of the top cryptocurrency lenders suspended all withdrawals earlier today, causing panic for cryptocurrency investors and causing its native token to lose more than half of its value.
Read more: Binance all set to delist Litecoin due to privacy issue in MWEB feature
