Binance temporarily halts Bitcoin withdrawals as BTC sinks to $23K

Sahana Kiran
Source – Unsplash

Bitcoin [BTC] and the entire crypto market were painted red as the bears unleashed themselves to their full potential. With volatility written all over the market, several crypto exchanges were witnessing trouble. Prominent crypto exchange Binance decided to address the situation by temporarily halting BTC withdrawals.

Changpeng Zhao took to Twitter and announced that Binance had imposed this temporary pause due to a transaction that was stuck that further inducing a backlog. He affirmed that the issue would be fixed in 30 minutes. However, it seemed to be taking longer.

As the issue persisted, CZ once again revealed that it would take longer. But only the Bitcoin network was impacted.

Further elaborating on the issue, the exchange rolled out a blog post that read,

“This is due to an earlier batch of transactions getting stuck from low transaction fees submitted and hence, resulting in a backlog of Bitcoin (BTC) network withdrawals. The Binance team is working on a solution to resume Bitcoin (BTC) network withdrawals soon.”

The reopening of Bitcoin withdrawals would likely occur only after the system becomes stable, the exchange added.

A blood bath was upon Bitcoin. The asset plummeted to its lowest levels in 18 months. During press time, BTC dropped to a low of $23,721 following its 13.33 percent drop over the last 24-hours.


Binance untethered by crypto winter?

The onset of the bull market not only meddled with the funds of the crypto-verse but also cost a lot of them their jobs. An array of crypto exchanges let go of numerous employees. Meanwhile, CZ revealed that Binance was looking to expand and hire more people.

Speaking at the recent Consensus 2022 conference, Zhao said,

“We have a very healthy war chest, we in fact are expanding hiring right now.”

The market was certainly panicking following the arrival of bears. However, the Binance CEO noted that the market is more balanced during the crypto winter. He pointed out how bull markets often have a plethora of people rolling out their own projects. “..everyone’s paying everyone ridiculous compensation.”

Crypto winter on the other hand gives platforms the ability to leverage the market balance and use it to the max.