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Binance customers told about binance withdrawal issues

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why binance withdrawal failed

News about binance withdrawal issues. Popular in the cryptocurrency community, investor Mike Alfred pointed out that they had to wait 12 hours for a cryptocurrency withdrawal.

“Why do Binance customers have to wait 12 hours at a time to withdraw their coins from the exchange? I thought they [the crypto exchange] could handle any amount of withdrawals,” Mike Alfred wrote on his microblog, noting that the attempt to “accustom” customers to long withdrawals could be a precursor to the platform closing soon.

There are other reports on the network, the authors of which talk about problems with withdrawal of funds from the trading platform. Why did binance withdrawal fail? Members of the cryptocurrency community joke that the speed of cryptocurrency withdrawals suggests that the cryptocurrency exchange is storing coins somewhere other than an orbiting station.

Binance has faced large withdrawals of user funds amid media reports that U.S. regulators could bring criminal charges against the crypto exchange’s management. Against this backdrop, the current BUSD exchange rate also slightly deviated from the dollar.

Recall that in November 2022, the crypto industry experienced the collapse of one of the largest crypto exchanges FTX. Tensions rose in the cryptocurrency community amid the crisis. Among other things, crypto investors have become more reactive to information about the problems of crypto exchanges.

Changpeng Zhao, head of the trading platform, was quick to reassure customers. According to him, all user assets are fully secured and coin owners can withdraw them in full at any time. That said, members of the cryptocurrency community have questions about the credibility of the crypto exchange’s reserve data.

Changpeng Zhao does not deny that Binance is going through a difficult period. At the same time, the entrepreneur assures market participants that the crypto exchange “will survive any cryptozyme.”

That Binance’s situation may be worse than Changpeng Zhao is trying to portray is indicated by rumors that the company is preparing for a significant reduction in New Year bonuses for employees. Information about this appeared on the microblog of Chinese journalist Colin Wu.

We previously reported that the lender will give Core Scientific $72 million to save it from bankruptcy.

Cryptocurrency

Arthur Hayes Is Selling: Here Are the Altcoins He’s Ditching

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The cryptocurrency market reached new heights in July as the total cap exceeded $4 trillion for the first time ever, led by bitcoin’s new peak above $123,000 and several altcoins’ rallies to ATHs, such as XRP and BNB.

The past few days, though, have gone in the opposite direction, with many altcoins charting double-digit price declines, while BTC plunged to a three-week low of under $113,000.

During these turbulent times of uncertainty, perhaps prompted by Trump’s latest tariffs and the movement of US nuclear submarines close to strategic Russian locations, prominent industry names, such as Arthur Hayes, have started to sell off. Here’s which altcoins the BitMEX co-founder sold in the past 24 hours.

ETH, ENA, PEPE Being Sold

As the data shared by the analytics resource Lookonchain points out, Hayes has used one of his known addresses to dispose of over $8 million worth of ETH, $4.6 million in ENA, and $414,700 worth of the third-largest meme coin by market cap – PEPE.

Later, the Maelstrom exec clarified that the reason for his sales is mostly related to Trump’s tariffs, many of which are set to be implemented starting from August 1. He believes BTC and ETH will retrace, as the former would retest the $100,000 resistance, while the latter will head toward $3,000.

Hayes is far from the only larger crypto investor turning to a sell-off strategy amid this market uncertainty. Lookonchain identified an unknown whale that had deposited over $90 million worth of ETH to several exchanges within a span of just two days.

Not SharpLink, Though

While some whales and Hayes are rushing to sell ETH, the second-largest ether holder, SharpLink, has taken the opportunity to increase its impressive stash.

After accumulating another 14,933 ETH, the company now owns over $1.6 billion worth of Ethereum’s underlying asset (464,209 ETH), according to Lookonchain. Data from CoinGecko and strategicethreserve shows that SharpLink’s Ethereum fortune is second only to Bitmine’s 566,766 ETH.

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XRP, TON Defy Market Correction as BTC, Alts Continue to Melt Down: Weekend Watch

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Bitcoin’s adverse price movements that started on Thursday continued in the past 24 hours, with the asset sliding to a new multi-week low of under $113,000.

With multiple altcoins in the red as well, including a new all-time low for Pi, it’s no wonder that the total crypto market cap has dumped by nearly $250 billion in a few days.

BTC Keeps Dropping

The primary cryptocurrency experienced a brief retracement at the end of the previous business week when it dipped from $119,000 to under $115,000 amid substantial sell-offs by Galaxy Digital on behalf of a client. However, once the sale was completed, BTC recovered most losses and even headed toward $120,000 after the weekend.

The bears were quick to intercept the move and didn’t allow another price jump. Bitcoin remained calm until Wednesday, when the latest FOMC meeting was scheduled to take place. Despite the positive US GDP data for Q2 and Trump’s continued pleas for rate reduction, Powell and company left them unchanged for a fifth consecutive time.

BTC reacted with an immediate price slip to under $116,000 but bounced off and challenged $119,000 on Thursday morning. However, more Trump-induced volatility followed amid new tariff developments and nuclear sub movements, and bitcoin plunged below $113,000 on Friday evening for the first time since July 10.

It has recovered around a grand since then, but it’s still 1% in the red daily and 3% down weekly. Its market cap is down to $2.260 trillion, while its dominance stands tall at 60%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

XRP Fares Well

Most larger-cap alts have followed BTC on the way south, with even bigger price declines. ETH has slipped below $3,500 after a 4% daily drop, SOL is below $165, while DOGE, HYPE, LINNK, BCH, and HBAR have retraced by around 3-4%.

Pi Network’s native token dumped to another all-time low earlier today, while ENA has plunged by 7%. There are a few exceptions from the larger-cap alts, including XRP and LTC, which are slightly in the green. TON has risen by over 3.5% to almost $3.6.

The total crypto market cap has dumped to $3.750 trillion on CG. This means that the metric has lost roughly $250 billion since Thursday’s peak.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

Coinbase Tanks 11% Pre-Market After $1.5B Q2 Revenue Miss

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Coinbase shares fell sharply after the company reported second-quarter earnings that missed expectations. Total revenue for the quarter came in at $1.5 billion, representing a 26% decline from the previous quarter.

The shortfall was largely driven by weaker-than-expected transaction revenue, which fell 39% quarter-over-quarter to $764 million.

Missing Expectations

In the official release, Coinbase revealed that its subscription and services revenue also declined 6% to $656 million. Despite efforts to reduce variable costs, operating expenses climbed 15% to $1.5 billion. Coinbase attributed this largely to the $307 million hit related to the data breach disclosed in May.

The crypto exchange recorded a net income of $1.4 billion, but this figure included $1.5 billion in pre-tax unrealized gains from strategic investments, including in Circle, as well as a $362 million pre-tax gain from its crypto investment portfolio. On an adjusted basis, net income stood at just $33 million, with adjusted EBITDA reaching $512 million.

Coinbase’s trading activity also underperformed the broader crypto spot market, as global and US crypto spot volumes declined 31% and 32% respectively. Meanwhile, its total trading volume fell 40% to $237 billion, and the consumer segment witnessed a 45% drop to $43 billion.

Consumer transaction revenue plunged 41% to $650 million, as volume shifted toward Simple trades amid low volatility. Institutional transaction revenue also saw a similar pattern, down 38% in both volume and revenue.

While Base Chain activity grew, other transaction revenue dropped 21% as average revenue per transaction declined.

As of the close on the previous trading day, Coinbase (COIN) shares were priced at $377.76, up slightly by $0.28. However, pre-market trading shows a sharp decline, with the stock down $42.30 (-11.20%) to $335.46. This steep drop suggests a strong negative reaction from investors, likely in response to recent earnings results.

Despite grappling with declining revenues and rising costs, Coinbase is doubling down on product innovation.

“Everything App”

Earlier this month, Coinbase rebranded its Wallet as the Base app, launching a crypto-focused “everything app” that merges trading, social media, USDC payments, mini-apps, and tokenized posts.

Announced at its “A New Day One” conference, the app runs on Coinbase’s Ethereum Layer 2 network and integrates Farcaster for social feeds, Zora for post tokenization, and encrypted XMTP chat. Users can earn from tips, interact with AI agents, and make one-tap payments.

The platform also introduced Base Pay for Shopify merchants and plans 1% USDC cashback in the US. The app is in beta, while a full public release and developer tools are expected soon.

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