Binance Bitcoin Withdrawals Halts Leave Crypto Stocks Tumbling

Ashish Kumar
May 8, 2023
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CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights 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.
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Crypto News: The global digital asset market printed red indexes on Monday as Binance reported multiple Bitcoin withdrawal halts over the past 24 hours. However, the data suggests that top crypto are not the only ones who took a hit due to withdrawal stoppage crypto stocks also recorded a slump.

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

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Crypto Stocks Decline

Coingape reported that Binance decided to pause BTC withdrawals citing a spike in pending transactions as it wasn’t able to offer high enough rewards to miners to log the trades. According to the data, blockchain and crypto linked companies recorded a pre market trading decline on Monday. However, Bitcoin price recorded a drop of more than 3% to decline the $28K price level.

Coinbase Global Inc (NASDAQ: COIN), the U.S. biggest crypto exchange, stock price dropped by 4% pre market. Its pre market price stood around $56.44. However, Coinbase recently secured a first round win against U.S. Securities and Exchange Commission (SEC).

Bitfarms Ltd pre market price dropped by 4.3%, while Riot Platforms Inc’s (NASDAQ: RIOT) price slumped by 6.5%. However, Marathon Digital Holdings Inc (NASDAQ: MARA) price declined by 6.5% to stand at $10.79. Read More Crypto News Here…

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

The global digital asset market dropped by around 3% over the last day. The cumulative market cap stands at around $1.15 trillion. However, its 24 hour trading volume is up by 18% to stand at $37.76 billion.

Bitcoin, the biggest crypto price is down by 3.58% over the past 24 hours. BTC is trading at an average price of $27,869, at the press time. Its 24 hour trading volume is up by 9% to stand at $15.4 billion.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.