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The day Bitcoin tumbled to its lowest level since the fall of 2020, Binance, the largest crypto currency exchange in the world temporarily halted all Bitcoin withdrawals, citing “a stuck transaction causing a backlog.”
The move was taken hours after crypto lender Celsius blocked customers from withdrawing any funds from its platform, making the sell off across the crypto markets even worse.
Initially the Binance founder and CEO Changpeng Zhao said in a tweet that the system will be up and running in half an hour, but letter added that “Likely this is going to take a bit longer to fix than my initial estimate. This is only impacting the Bitcoin network,” and that anyone “can still withdraw Bitcoin on other networks like BEP-20.”
“Funds are SAFU,” Zhao also tweeted, using an acronym, which stands for “secure asset fund for users”.
Earlier today Celsius, which lets users lend out their tokens in exchange for high returns, paused all redemptions due to “extreme market conditions”.
Before the decision of Celsius to block customers from its platform, Bitcoin was plagued by macroeconomic worries, including the rising inflation in the U.S. and the Eurozone.
The crypto market suffered largely in the past couple of weeks, because of the moves by several major central banks to tighten their monetary policy in an attempt to reign in the rampant inflation, caused by the raising fuel prices in the wake of the Russian invasion of Ukraine.
At the time of writing Bitcoin was down 12,50% for the day and is trading slightly above 23 200 USD.
The total value of the broader crypto market has shrunken to about 1 trillion USD from well over 3,2 trillion USD in November.