World’s leading crypto exchange, Binance, suspended Ethereum and ERC-20 withdrawals this morning, supposedly for the purposes of conducting wallet maintenance. According to its announcement, the suspension is only temporary and quite short, starting at 8 am UTC and extending until 9 am UTC.
However, while the withdrawals were disabled, the exchange stated that trading and deposits would not be affected during the maintenance.
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Another thing that should be noted is that this is the third time that the exchange has shut down crypto withdrawals. Earlier this very week, it did the same for XLM and ETH, and after that, it suspended all withdrawals completely, for a brief period, after which they were restored in full.
Binance’s maintenance starts as crypto prices go down
Interestingly enough, the suspension came in a very inconvenient moment, just as the crypto industry started hitting a rough patch which caused most coins to start trading in the red. Bitcoin, for example, dropped by 13.22% over the last 24 hours, and Ethereum (ETH) itself went down by 14.05%.
Dogecoin, the top performing crypto of the year, saw its price nearly get cut in half over the course of the last few days. Not only did its price crash to $0.38, but the coin also slid from its position of the 4th largest crypto, currently occupying 6th place. While there is still some room between it and the next coin, XRP, which currently sits at the 7th spot — DOGE price and market cap do seem to be going down fast.
As for Binance, the exchange has a history of ‘having to conduct maintenance’ whenever the prices start behaving in a way that might cause people to start massively selling. But, given the short period during which the withdrawals were made unavailable, the move, hopefully, did not inconvenience too many people too much.
As for Binance’s own Binance Coin (BNB), it currently still holds the third spot on the list of largest cryptos, although its own price suffered heavy losses also, sinking by 13% in the last 24 hours. At the time of writing, BNB price sits at $577. Meanwhile, BTC is once again below $50k, as its own price currently sits at $48,972.