Binance Takes Action
In the midst of what is being dubbed cryptocurrency’s own version of ‘Black Monday,’ Binance has finally returned to business as usual (at least on the Bitcoin withdrawal front) after a tense three-hour pause. The platform reassured users on its website, stating that Bitcoin (BTC) network withdrawals would be processed shortly, allowing traders to breathe a little easier. Following this turbulent period, Binance’s CEO, Changpeng Zhao, made it clear on Twitter that user funds were ‘SAFU,’ which stands for ‘Secure Asset Fund for Users.’ It’s a catchy acronym, but it still leaves us wondering about the security of our digital riches.
Celsius Exchange: The Other Side of the Scale
While crypto enthusiasts celebrated Binance’s return to form, users on the Celsius exchange had a different experience. Since the previous Sunday, withdrawals have been put on ice as the platform grappled with market conditions, suggesting that this pause is necessary for them to honor withdrawal obligations over time. And just like any suspenseful thriller, the cliffhanger remains: Will Celsius unlock the gates again? As of this writing, there are no signs of normal operations restarting. The waiting game continues.
Price Drops and Whale Dumps
The recent volatility hasn’t just been about exchanges freezing withdrawals; it’s also about drastic price changes. Bitcoin flirted with numbers that appeared long forgotten, dipping below $23,000 – a decline reminiscent of December 2020. Ether, meanwhile, faced a tough night, plummeting to lows of $950 on Uniswap. This followed a whale dumping a staggering 93,000 ETH in just a matter of hours. Talk about a tidal wave! While some are still holding onto the lifeboats, others are desperately scanning for a flotation device.
Waiting for the Other Shoe to Drop
Social media is buzzing with speculation and anxiety over which major exchange might next announce a freeze. Users are worried that with Coinbase’s hefty user base, the platform might also have to take drastic measures. One anxious Twitter user even quipped, ‘With all the halts and posted stopped withdrawals, I’ll just assume @coinbase will go down for a few hours per usual in meltdowns.’ Seems like the crypto community is bracing for more than just market swings!
Kraken: The Calm Amidst the Storm
While Binance was resuming activity, Kraken seemed to manage the chaos relatively well. Although they reported some funding delays for specific tokens, including Solana (SOL), they reassured users that their Bitcoin on-chain and Lightning withdrawals were fully operational. Kraken’s strategist Pierre Rochard advised traders to remember: ‘Holding your own keys is best practice.’ A sound reminder that in the digital world, self-custody is like having a sturdy life vest on board.
+ There are no comments
Add yours