Binance Temporarily Halts Bitcoin Withdrawals Amid Market Mayhem

According to CEO Changpeng Zhao's tweet, cryptocurrency exchange Binance has temporarily halted Bitcoin withdrawals due to extreme market turbulence.

Zhao has assured users that their funds are secure, claiming that the suspension of withdrawals is due to a backlog caused by an on-chain transaction that has become stuck.

According to an official announcement, the Binance team is currently working on a solution. Zhao claims that the problem will be resolved in half an hour.

When the market is extremely volatile, major cryptocurrency exchanges typically experience performance issues.

The largest cryptocurrency's price fell to as low as $23,964 earlier today on the Bitstamp exchange, extending its bearish streak.

During the worsening sell-off, the total cryptocurrency market capitalization fell below $1 trillion for the first time since January 2021.

According to data provided by crypto analytics firm Coinglass, roughly $316 million in cryptocurrencies have been liquidated in the last four hours alone.

The cryptocurrency market has been battered by a double whammy of deteriorating macroeconomic conditions and the Celsius scandal and it has taken its toll on Solana, Ethereum, Concordium and so many other promising blockchain projects. According to U.Today, one of the largest cryptocurrency lenders halted all withdrawals earlier today, causing concern among cryptocurrency enthusiasts and causing its native token to lose more than half of its value.

In terms of trading volume, Binance is the world's largest exchange. It has recorded $28.7 billion in spot trades in the last 24 hours, dwarfing its closest competitors (FTX and Coinbase), according to data provided by CoinMarketCap.