Binance resumes operations after temporary halt

The cryptocurrency sector has been battered by a double punch of deteriorating macroeconomic factors and the Celsius crisis. According to U.S. news reports, one of the top cryptocurrency lenders halted all withdrawals early today, causing panic among cryptocurrency investors and causing its native token to lose well over half of its value.

Binance momentarily halted bitcoin withdrawals on Monday morning "due to a stuck transaction causing a backlog."

At 8 a.m. ET, Binance founder and CEO Changpeng Zhao tweeted about the situation, saying it would be addressed in 30 minutes. He then said that fixing it will take "a bit longer than [his] initial estimate."

Bitcoin withdrawals have resumed, according to a tweet from Binance at 11:32 a.m. on Wall Street.

Zhao claims that the halt of transactions was due to a backlog created by a blocked on-chain transaction, assuring customers that their cash are safe.

According to an official notice, the Binance team is actively working on a solution. Zhao claims that the issue will be resolved in half an hour.

While Binance was struck by the problem, Zhao indicated in a tweet that holders "can still withdraw Bitcoin on other networks like BEP-20."

He continued, "Funds are SAFU." The phrase refers for "secure asset fund for users," a fund established by the corporation in 2018 to assist protect customers' data.

The report comes as bitcoin fell more than 10% on Monday, falling below $24,000 and reaching its lowest point since December 2020.

The price of the biggest cryptocurrency fell to as low as $23,964 on the Bitstamp platform earlier today, continuing its gloomy trend. According to a tweet by  Zhao, Binance has temporarily banned Bitcoin withdrawals owing to high market instability.

Macroeconomic concerns, like as high inflation, have weighed heavily on the world's largest cryptocurrency. When there is a lot of market volatility, major cryptocurrency exchanges usually have performance concerns.

In terms of trade volume, Binance is the largest exchange on the planet. According to data given by CoinMarketCap, it has recorded $28.7 billion in spot trades in the last 24 hours, surpassing its biggest rivals (FTX and Coinbase).