Major cryptocurrency exchange Binance has announced that it has resumed Bitcoin withdrawals after more than three hours amid extreme market volatility.
In an update during what many are calling the “Black Monday” of cryptocurrencies, Binance said on its website, the exchange will process withdrawals on the Bitcoin (BTC) network within the “next few hours” after it resumes operations. The platform announced on Monday that it has temporarily suspended BTC withdrawals with CEO Changpeng Zhao. speaking on Twitter that all user funds were “SAFU”.
— Binance (@binance) June 13, 2022
While BTC trading activity on Binance appears to have been restored, withdrawals for Celsius users have remained frozen since Sunday when the platform announced such actions put him “in a better position to meet his withdrawal obligations over time.” At the time of publication, Celsius has not given any indication as to whether or when normal operations will resume.
The decision by the two major trading platforms to suspend Bitcoin withdrawals came amid extreme volatility in the cryptocurrency market. The price of BTC has fallen to levels not seen since December 2020 – it fell below $23,000 on Monday, while Cryptooshala reported that the price of ether (ETH) fell to $950 on Uniswap after the whale dumped 93,000 ETH within six hours.
Many on social media seem to be waiting for the other shoe to fall, so to speak, among other major crypto exchanges. Some have expressed concern that Coinbase, with its approximately 98 million verified users, could go down due to market volatility or otherwise announce a withdrawal suspension given the exchange’s history of crashes.
With all stops and placed stopped pins. i’m just guessing @coinbase just fall for a few hours, as usual, in a crisis.
— aresixtrades (@aresixtrades) June 13, 2022
Tether: Celsius crisis did not affect USDT reserves
US-based crypto exchange Kraken, while not announcing any such withdrawal activity, reported funding delays for some tokens, including Solana (SOL). In March, the exchange began allowing users to withdraw funds using the Lightning Network. Kraken Bitcoin Strategist Pierre Rochard said that as of Monday, amid market volatility, the on-chain bitcoin platform and Lightning withdrawals were “fully operational,” adding, “holding your own keys is best practice.”
Credit : cointelegraph.com