NewsletterBinance Cuts ETH Staking Withdrawal Time, Will Prices Go Down?
Binance has announced a reduction in the processing time for ETH Staking withdrawal requests to just five days from the initial 15 days, starting from May 18, 2023. This move is expected to increase user satisfaction and adoption of ETH Staking but will the staked Ethereum withdrawals push more selling pressure on the ETH price?
The exchange also plans to further reduce the processing time to better serve users. The processing time is subject to change based on network demand. Binance also mentioned conditions like users cannot cancel their withdrawal requests.
The BETH tokens locked in pending ETH withdrawal requests will not generate any ETH Staking rewards.
Potential Impact On Traders
With the processing time for ETH staking withdrawals reduced from 15 days to 5 days, users will be able to access their funds faster. This will provide more flexibility for traders and investors, who may want to use their ETH for other purposes, such as buying other cryptocurrencies or paying bills.
This move could result in more liquidity in the market. This could be especially beneficial for traders who need to quickly move in and out of positions, as they will be able to access their funds faster.
What About ETH’s Price?
The reduction in the processing time for ETH staking withdrawals by Binance may have a positive impact on the demand for ETH as it increases the flexibility and liquidity for ethereum stakers.
This may lead to more people willing to stake their ETH, which could result in a decrease in the circulating supply of ETH, potentially driving up its price.
The current ETH price is $1826.05, showing a -1.065% decline in the last 24 hours.
Binance’s move to reduce the processing time for ETH staking withdrawals may put pressure on other cryptocurrency exchanges to do the same.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Further Downside For Bitcoin As Fear and Greed Index Drops To 10
- Solana and XRP ETFs Attract Fresh Inflows Even as Crypto Market Falls
- BLS to Release Jobs Report on Nov. 20 as Uncertainty Over Fed Rate Cut Persists
- JPMorgan calls Bitcoin Price Bottom, Predicts It Will Challenge Gold Next Year
- Zcash to Surpass XRP? Arthur Hayes Makes Bold Claim Amid ZEC’s 45% Rally
- Litecoin Price: With a 12% Surge and Pearson BTC Correlation at –0.01, Is LTC Gearing Up for $125?
- What’s Next for Chainlink Price After 53.87 Million Tokens Accumulated
- What the New Bitcoin Model Predicts About a Possible $200K BTC Price Target?
- Zcash Price Soars 45%: Here’s Why
- Bitcoin Price Pattern Points to a Crash to $62k as Fed Cut Odds Fall to 54%
- Zcash Price Defies Market Crash: Will Shrinking Exchange Netflows Keep ZEC Rallying?
