TL;DR

• Binance will perform a system upgrade on September 25, lasting around three hours, during which users may experience temporary interruptions in services like account login, trading, and other features.
• The company assures users there is no risk for their funds, recommending they take precautions such as adjusting account positions, while API trading will remain available during the upgrade.

Rest Assured, Data and Assets Will Not be Affected

Binance will conduct a service upgrade on September 25 “to improve the overall system performance and stability.” The effort will take approximately three hours, and users may experience certain setbacks during that time. 

“There may be intermittent interruptions to all Binance services during the upgrade, including account login, registration, trading (Spot, Margin, Futures, P2P, etc.), VIP account services, and other account-related features. The interruptions may last a few minutes for each individual user, and users will be able to access Binance products again shortly after,” the exchange explained.

Binance assured that users’ data and assets will remain unaffected by the upgrade. It also said trading services will be available through API during the process. 

The company warned users to take measures beforehand in order to avoid potential losses. Some of the tips include evaluating and measuring the account positions and orders (such as reducing leverage). 

All services will be restored after the upgrade is completed and Binance will not announce any further information. This means that whatever users come across on the Internet should be taken with a grain of salt.

Previous Such Developments 

The world’s biggest crypto exchange performs similar upgrades quite regularly. Earlier this month, it conducted wallet maintenance for BNB Smart Chain (BEP20), temporarily halting deposits and withdrawals on the network to support the process. 

Prior to that, Binance suspended some services with TON for several hours due to performing a similar upgrade on The Open Network. The effort happened mere weeks after the firm officially listed Toncoin (TON) on its platform. 

In mid-July, deposits and withdrawals for all networks were temporarily unavailable due to another wallet maintenance. Everything came back to normal following the update.

A cryptocurrency trader has made headlines by securing a profit of $131.72 million through a strategic investment in Ether (ETH).

This notable trade was made during the 2022 bear market, after which the individual held onto the assets through volatile market conditions.

The Investors Strategy

Blockchain analytics firm Lookonchain has identified an Ether address that made a $131.72 million profit after investing during the 2022 bear market when others were losing confidence due to declines in asset prices.

“This is a smart diamond hand, buying $ETH in the bear market and selling $ETH in the bull market, making $131.72M!”

The wallet shows a purchase of 96,639 ETH from Coinbase between September 3 and 4, 2022, when the asset was trading at approximately $1,567. For two years, they held onto their holdings despite major market fluctuations. This approach proved very profitable, as the asset’s value recovered in the subsequent years.

In March 2024, they moved more than 72% of their initial investment, equivalent to 70,000 ETH, through multiple transactions to the crypto exchange Kraken.

At the time of these transfers, the market price of Ether had surged to $3,062, resulting in transfers worth $214.34 million. Despite these movements, the address still holds 26,639 ETH from the original purchase, currently valued at $68.81 million.

This incident shows the concept of “diamond hands,” a term used to describe individuals who hold onto their investments amid market volatility and price fluctuations. Such investors resist the urge to sell their assets during market dips, believing in the long-term potential of their trade.

Other Similar Events

The cryptocurrency market has seen other notable success stories recently. For instance, a Shiba Inu (SHIB) investor with diamond hands made a $1.1 million profit on a $2,625 investment after holding for three years.

Reports show that after being dormant for 3.5 years, this investor finally sold SHIB at a profit. They spent 2 ETH ($2,625) to buy 48.09 billion SHIB on February 1, 2021, and sold it for 278.7 ETH ($1.1 million), achieving a gain of 419 times their initial investment.

Similarly, just two weeks before, another trader turned $3,000 worth of Pepe (PEPE) meme coin into $46 million within one year, equivalent to a 15,718x gain.

This was possible due to the reemergence of the GameStop saga, which caused a rally in the price of certain meme coins at the time.

Monday started on a positive note for bitcoin as it jumped to a four-week peak of $64,800 before it was stopped and pushed south.

The altcoins are sluggish on a daily scale, at least the larger-cap ones. Many of the mid- and lower-cap alts have charted notable gains.

BTC Halted at $65K

Bitcoin had an eventful seven-day period, which started with a price retracement from $60,000 to under $58,000 last Monday. The landscape changed mid-week when the US Federal Reserve announced the first rate cut in over four years, with a reduction of 0.5%.

Following the inevitable volatility, the cryptocurrency went on the offensive and added over four grand by Friday morning when it briefly topped $64,000. It failed there at first and spent the weekend trading sideways around $63,000.

This Monday was different than the previous one, as the bulls attempted another leg-up that drove bitcoin to a four-week high of just under $65,000. However, the asset was stopped there and pushed south by nearly two grand.

It’s worth noting that the week ahead is also expected to be quite eventful for the entire market, and you can see why – here.

As of now, bitcoin’s market capitalization has risen above $1.250 trillion, while its dominance over the alts stands at 54% on CG.

Alts With Massive Gains

While most larger-cap alts sit quietly today, with minor gains from ETH, BNB, LINK, AVAX, and TRX or insignificant losses from SOL, XRP, and SHIB, the mid and lower caps have produced some impressive increases.

Bittensor’s native token leads the pack with a 15.5% daily surge. Moreover, TAO has skyrocketed by 80% in the past week and trades at around $550 now. IMX, RENDER, AAVE, WLD, and NEAR are the other notable daily gainers.

IMX also finds a spot in the top performers on a weekly scale, with a 45% surge, followed by SUI (40%) and APT (30%).

The total crypto market cap has added around $20 billion since yesterday and is now at $2.320 trillion on CG.