Binance halted BTC withdrawals which created panic!

Hi HODLers and Hiveans,

The big news of the weekend involved Binance and Bitcoin.

Cryptocurrency exchange Binance temporarily paused Bitcoin withdrawals on its platform on Sunday, preventing the largest token by market cap from leaving the leading venue by trading volume.

You can find official tweets from Binance below:

https://twitter.com/binance/status/1655402071435411457

- binance

For thismorning pause and despite the FUD, Binance announced an hour later that Bitcoin withdrawals had resumed! Wooooof....

Nevertheless, I understood that they paused again withdrawals an hour ago. It seems they will also be processed later on but we never know in this crazy crypto and banking worlds!

Mem Pool is congested

A mempool is an area where transactions on the Bitcoin network “wait” before being verified by each blockchain node.

Nevertheless, Bitcoin outflows from Binance are quite scary and I hope it won't make it similar to a SVB bankrun style...

Bitcoin price was down slightly after these events but is now stavilizing.

Stay safe out there,

• Decrypt Source

• Cointelegraph Source

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