Breaking: 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