Claim BonusBreaking: Binance Temporarily Suspends Spot Trading; Bitcoin Loses $28k Mark
Bitcoin News: Binance, the world’s largest crypto exchange announced that all spot trading on the platform is suspended on a temporary basis. It added that they are aware of an issue impacting the service and it will be resolved as soon as possible.
CZ Comes To Rescue Binance
Changpeng Zhao (CZ), CEO of Binance stated that after an initial analysis, it is indicated that the matching engine encountered a bug on the trailing stop order. He highlighted that the estimated recovery time has come out to be anywhere between 30-120 minutes.
CZ indicated that deposits and withdrawals are paused as a part of SOP and all the funds are safe. However, the state of orders in the matching engine might affect the available funds for withdrawal, he added.
As per CZ, the biggest exchange pausing trading won’t affect crypto prices much. However, when Binance will be up again, their deeper order book will bring the prices back to normal.
Also Read: Binance.US To Get Wells Notice Next? XRP Lawyer Claims This
Binance reported that there Engine 1 is back online. Meanwhile, it still needs more time in order to do reconciliations as other engines need to catch up.
Bitcoin Price Tumbles
Bitcoin, the world’s biggest digital asset price suddenly dropped by $400 straight to lose the $28K level. However, Bitcoin regained the $28K price level quickly. It is trading at an average price of $28,028, at the press time. Read More Bitcoin News Here…
Ethereum price also fluctuated as the crypto exchange witness bug issues. ETH is trading at an average price of $1,767, at the press time.
Also Read: Nasdaq To Offer Crypto Custody Services Soon Despite Regulatory Burden
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.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Expert Predicts Bitcoin Dip to $49K as ‘Trump Insider’ Whale Dumps 5,000 BTC
- Bitcoin Price Rebounds $70K, Here are the Top Reasons Why?
- Crypto Market Weekly Recap: Crypto Bill White House Meeting, Binance Buys $1B BTC, and More (9- Feb 13)
- TRUMP Coin Pumps 5% as Canary Capital Amends ETF Filing With New Details
- Crypto Prices Surge Today: BTC, ETH, XRP, SOL Soar Despite US Government Shutdown
- Crypto Price Prediction For the Week Ahead: Dogecoin, Solana and Cardano
- Bitcoin Price Prediction: How Could Brazil’s Strategic Bitcoin Reserve Proposal Impact BTC?
- 3 Top Reasons Pi Network Price Surging Today (14 Feb)
- XRP Price Prediction Ahead of Potential U.S. Government Shutdown Today
- Bitcoin Price Outlook As Gold And Silver Lose $3.6 Trillion in Market Value
- XRP and Ethereum Price Prediction as Trump Seeks to Lower Key Tariffs
