Bull Market Issue; CZ Addresses Bitcoin Withdrawals Issue
Binance News: The global digital asset market printed red indexes as Binance, the world’s largest crypto exchange temporarily halted Bitcoin’s (BTC) withdrawal two times in the last 12 hours. Bitcoin price has dropped by more than 2% in the last 24 hours. However, Changpeng Zhao (CZ), Binance CEO came out to address the issue.
Also Read: Binance Alleged Of Evading Russian Sanctions; CZ Yet To Reply
Binance’ CZ Jumps Into Rescue?
According to reports, Binance closed Bitcoin withdrawals stating a large volume of pending transactions. It added that there is a huge volume of pending transactions. However, the exchange did not anticipate the recent surge in Bitcoin network gas fees. It assured that their team is working to accelerate the confirmation of all pending transactions.
CZ in a recent comment addressed the spiking gas fees due to recent disruption. He stated that prices fluctuate and go up, transactions get stuck, fees spike and people will complain. However, he concluded all the Gas fees spike by calling it a bull market issue. Binance’s asked the market to look at the bright side as it is still cheap than fiat.
In order to counter the withdrawal issues, the world’s largest crypto exchange reportedly replaced the pending Bitcoin withdrawal transactions with higher fees. It was done with the intention of getting picked up by mining pools.
Also Read: Ripple Exec Hints Coinbase’s Next Move
Meanwhile, Binance mentioned enabling BTC lighting Network withdrawals amid the ongoing situation. It stated that to prevent such similar recurrence in the future, they have adjusted the gas fees.
- Fed’s Lorie Logan Urges Caution on Further Rate Cuts Citing Inflation Risks
- Nasdaq-Listed Fitell Adds Pump.fun’s PUMP To Supplement Solana Treasury
- FG Nexus to Tokenize Stock on Ethereum as SEC Weighs 24/7 Onchain Stock Trading
- Bitcoin Still Undervalued, JPMorgan Forecasts Rally to $165,000
- Breaking: CME to Launch 24/7 Crypto Futures Trading Amid Rising Institutional Demand
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
- Shiba Inu Price to Surge as Whales Buy and Team Commits to Shibarium Growth
- XRP Price Prediction After Ripple CTO David Schwartz Resigns
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.
