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Ify Egede
Jun 13, 2022
by Ify Egede

Binance Temporarily Halts BTC Withdrawals

Binance BTC withdrawals

Table of contents

  1. Why Has Binance Halted BTC Withdrawals?
  2. BTC Declines By 15%
Binance has halted BTC withdrawals on its platform. They claim that stuck transactions are the reason behind this temporary halt as they are causing a backlog.

Why Has Binance Halted BTC Withdrawals?

As of now, withdrawals of BTC from Binance are unavailable on the Bitcoin network. Other networks allow you to cash out BTC. An on-chain transaction is to blame for this issue. The blocked batch of transactions affects only Bitcoin. The Binance team is working to restore BTC withdrawals on Ethereum and BNB Chain. Changpeng Zhao initially stated in a tweet that the team would be resolving the problem in 30 minutes. But, he soon tweeted again saying that it might take longer than what he'd previously expected. 

 

The latest development comes as BTC fell by over 10% on Monday. It fell below $24K, reaching its lowest level since December 2020. BTC has lost 15% of its value, plunging below $24K, as the crypto industry lost $200B over the weekend.

BTC Declines By 15%

The lowest BTC has fallen since December 2020, when it fell below $24K more broadly due to a sell-off in risk markets. Furthermore, Celsius has halted its clients' withdrawals, raising worries of a market-wide meltdown. The Federal Reserve will raise interest rates this week to curb price inflation. It weighs on the cryptocurrency markets.

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Binance Temporarily Halts BTC Withdrawals
Ify Egede
Ify is an experienced and versatile writer and researcher. He has have keen interest in blockchain technology, Bitcoin, cryptocurrencies, fintech and emerging technologies. He has tons of published works both online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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