Just-In: Bitcoin Loses $28K Mark Amid Binance Fiasco

Bitcoin News: Bitcoin (BTC), the world’s largest crypto witnessed several hit backs over the past 24 hours leading it to print red indexes. Bitcoin price lost the crucial $28K level amid increased volatility in the market sparked due to withdrawal relate issue that popped up on Binance.

Also Read: Bull Market Issue; CZ Addresses Bitcoin Withdrawals Issue

Bitcoin Price Drop To Continue?

As per the data, Bitcoin price dropped by 3.6% as its market cap lost around $20 billion in the last 24 hours. This drop comes amid the recent point raised by the world’s largest crypto exchange. Binance temporarily halted bitcoin withdrawals for a couple of hours mentioning a heavy volume and a spike in processing fees.

Bitcoin 24 hour trading volume dropped by 4% to stand at $14 billion. BTC is trading at an average price of $27,960, at the press time, recording its lowest in nearly a week.

Also Read: Binance Alleged Of Evading Russian Sanctions; CZ Yet To Reply

BTC.com depicted that the Bitcoin network transaction fee reportedly exceeded 403.91 BTC. This adds to the growing trend since the end of April as compared with the single day trnx fee of 21.89 BTC recorded on April 8.

However, the data shows that the BTC network has not been able to produce a block for nearly an hour. As per details, the latest block 788,759 exploded at around 14:58:52.

Liquidation Breaches $148 Million

Coinglass data shows that in the last 24 hours, around 63,235 traders have been liquidated, while total liquidation comes in at $148.8 million.

Bitcoin reported $35.3 million of liquidation. It should be noted that $26.22 million of long positions (88%) have been liquidated. This suggests that traders were expecting Bitcoin price to surge ahead.