The leading cryptocurrency exchange, Binance hits pause on Bitcoin withdrawals, citing network congestion. This marks the second time in less than 12 hours that the exchange has taken such action.
Binance explained on Twitter that the temporary pause is due to the significant number of pending transactions. Their team is actively working on a solution and intends to reopen Bitcoin withdrawals as soon as possible.
This move follows a similar incident on Sunday when Bitcoin withdrawals were suspended for approximately 90 minutes. As a result, Bitcoin experienced a decline of around 3%, trading at approximately $28,200 as of 9:44 a.m. in Singapore. The broader market, including the top 100 digital assets, also saw a moderate decrease in value.
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