Sign Up on MEXC
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.
- XRP Whales Dump 40M Coins Despite ETF Anticipation, Here’s Why
- Ethena Labs Exits Hyperliquid USDH Bid as Polymarket Traders Back Native Markets
- Save the Planet & Win Big: Chimpzee’s Charity Tickets Change the Game
- Economists Predicts 25bp Fed Rate Cut Over 50bp, Expects Additional Cut Before Year-End
- Gemini IPO News: GEMI Stock Set for Blockbuster Nasdaq Debut on Multiple Catalysts
- SHIB Price Forecast as LEASH V2 Rollout Expands Cross-Chain — Is a 200% Rally Ahead?
- BNB Price Forecast as Binance–Franklin Templeton Deal Strengthens Path to $1,500
- Pi Network Price Wyckoff Theory Signals a Surge as One Whale Keeps Buying
- ETH Price Prediction As Bitmine and SharpLink Continue ETH Buying Spree- Analyst Predicts $7K Next
- AVAX Price Prediction as Avalanche $1B Treasury Gains Momentum – Is $55 in Sight?
