The mass exit forced the administrator to suspend the delivery of Bitcoin for a few hours and resumed it but partially, making some warnings about the operations.
In the afternoon of Argentina, a statement was released in which Binance assured that the withdrawal of BTC had resumed but warned that the inconveniences still continued.
“We are still working to process pending withdrawals from the Bitcoin (BTC) network and it is estimated that this will be completed in the next few hours,” the company announced in a statement.
Binance maintained that the price collapse caused technical problems and that for this reason withdrawals had been temporarily suspended.
The decision fueled fear and confusion among investors who wanted to withdraw their investments to protect them, causing the exchange to restrict withdrawals.
The company warned that “pending withdrawals from the Bitcoin (BTC) network will be rejected” and asked users to “resubmit their withdrawal requests.”
Over the weekend Bitcoin suffered a sharp drop in prices of its markets, which generated the worst value in the last year and a half. After two days in the red, this Monday the most famous cryptocurrency continued to decline, generating uncertainty among investors.
“A batch of $BTC transactions stalled due to low TX fees, resulting in a backlog of withdrawals from the BTC network. As a result, withdrawals on the Bitcoin network are temporarily suspended on Binance, while withdrawals of BTC on other networks (BEP20 and ERC20) remain open as normal,” Binance explained.
According to specialists, this collapse was due to the fear of a rise in interest rates in the United States and a recession after inflation in that country was known last Friday.
It should be noted that Bitcoin withdrawals on other networks remained open and function normally.
Source: Ambito
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