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Binance News: Bitcoin Falls After Withdrawals Halted Twice Over Weekend
Bitcoin, the world’s largest cryptocurrency, deepened its losses on Monday, falling more than 3.8% to the lowest level in almost two weeks, as Binance, the largest crypto exchange, halted bitcoin withdrawals twice over the weekend.
Bitcoin Touches Lowest Level Since April 26
The largest cryptocurrency BTCUSD on Monday fell to as low as $27,650, the lowest level since April 26, according to CoinDesk data. Bitcoin is up over 70% so far this year, but is still down almost 60% from its all-time high in 2021.
Binance Temporarily Closes Bitcoin Withdrawals
Binance said late Sunday that it temporarily closed bitcoin withdrawals due to a large volume of pending transactions. The withdrawals have been resumed, according to Binance.
“There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees,” the company said in a tweet. Gas fees refer to fees paid to miners to validate transactions on a blockchain.
Binance’s Withdrawal Pause Weighs on Bitcoin Prices
Binance’s pause of withdrawals has weighed on bitcoin prices from Sunday to Monday, said David Tawil, president and co-founder at ProChain Capital. Bitcoin has been mostly trading in the range of $28,000 and $30,000 for the past month.
“We had massive volatility inside of that range,” said Tawil.
Uncertainty Plagues Bitcoin
It is hard to know what catalysts might drive bitcoin out of the range, though there are many potential ones on the horizon, including regulators’ actions against the crypto industry, debt ceiling concerns and a potential recession, noted Tawil.
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Other Binance News Stories
In addition to the recent news about Binance’s bitcoin withdrawals, there have been other noteworthy stories involving the crypto exchange.
Binance to Launch an NFT Marketplace
Binance recently announced that it will be launching an NFT marketplace in June 2021. The platform will be called the "Binance NFT Marketplace" and will allow artists, creators and crypto enthusiasts to mint, buy and trade NFTs.
Binance Faces Regulatory Scrutiny
Binance has been facing regulatory scrutiny from governments in several countries, including the US, UK, Japan and Germany. According to reports, regulators are concerned about Binance’s lack of compliance with money laundering and terrorism financing laws.
Binance Coin Hits All-Time High
Binance Coin (BNB), the cryptocurrency used to pay fees on the Binance exchange, hit an all-time high of $690.93 on May 10, 2021. Binance Coin has been on a bullish run, gaining more than 1,000% in value since the start of the year.
Conclusion
The recent news about Binance’s bitcoin withdrawals and the regulatory scrutiny it faces have caused uncertainty in the cryptocurrency market. Despite this, Binance has continued to innovate, launching an NFT marketplace and experiencing record highs with Binance Coin. Only time will tell how these developments will affect the crypto industry as a whole.