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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

These Alts Dumped the Most as Total Crypto Market Cap Lost $100B in a Day (Market Watch)

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Bitcoin’s price movements over the past several days were quite promising as the asset had recovered from last week’s crash and stood above $66,000 and even $67,000 before the landscape changed for the worse once again today.

The altcoins, though, are in an even worse state, with numerous massive price declines across almost all charts.

BTC Slides Below $64K

CryptoPotato reported the adverse price movements last week that were propelled by the escalating tension between Iran and Israel. This culminated in a price drop to under $59,500 on Friday, hours before the fourth halving.

However, when Iran tried to calm the situation, bitcoin went on the offensive and jumped by over five grand in hours. It faced the completion of the halving at around $65,000 and kept climbing gradually over the next few days to just under $67,000.

The latest failed attempt to overcome that level was yesterday. However, the bears were quick to intercept the move and pushed the cryptocurrency south hard.

In a matter of hours, the asset fell by more than $3,000 and kept dropping to a multi-day low of $63,500 (on Bitstamp). Its current price tag is not much higher amid the growing ETF outflows, and its market cap has declined to $1.260 trillion on CG. Its dominance over the alts has remained at the same level of 50.7%.

Bitcoin/Price/Chart 25.04.2024. Source: TradingView
Bitcoin/Price/Chart 25.04.2024. Source: TradingView

Alts Turn Red

The landscape around the altcoins is even worse today. Aside from BNB, TRX, and LEO, who have been spared by the crash, the rest of the larger-cap alts are deep in the red. ETH is down by 4% and trades inches above $3,100. Similar losses are evident from XRP, LINK, LTC, and NEAR.

More painful declines come from the likes of Solana (-7%), Dogecoin (-8%), Toncoin (-9%), Cardano (-6%), Shiba Inu (-8%), Avalanche (-10%), Bitcoin Cash (-6%), and Polkadot (-8%).

The total crypto market cap has dumped by around $100 billion in a day and is under $2.5 trillion on CG now.

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

It’s Not Looking Good for Bitcoin HODLers, Warns Peter Schiff as BTC Correction Continues

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The popular bitcoin perma-bear Peter Schiff has carried out another verbal attack on X during the most recent price correction that drove the asset to a multi-day low of around $63,000.

Schiff, known for his support and admiration for gold, believes BTC’s price could plummet even more if it breaks below $60,000.

Not Looking Good?

Although the fourth halving took place less than a week ago, an event typically related to the start of another bull run, many crypto experts, including Arthur Hayes, warned that the largest crypto asset could retrace ahead, during, and shortly after the block reward reduction.

This has indeed been the case so far, as bitcoin dumped hard last week amid the geopolitical issues between Iran and Israel, recovered some ground after the halving but started losing value in the past 24 hours again.

The latest decline drove BTC south by approximately four grand, from almost $67,000 to around $63,000 as of now. Such corrections are usually used by bitcoin critics, such as Peter Schiff, to (perhaps) exaggerate the current market conditions and issue big warnings for HODLers.

In his latest attempt to spread FUD, Schiff said new investors who are not used to the volatile nature of bitcoin, could be “in for a rude awakening.” He also pointed out the $60,000 level as the most important psychological line BTC has to maintain to prevent further declines.

What About Gold?

As mentioned above, Schiff is a well-known gold bug and recently also commented on the yellow metal’s correction. The safe-haven asset went from an all-time high of $2,425/oz to under $2,300 in the span of a few weeks.

However, it managed to bounce off and is currently trading above $2,320. Consequently, Schiff believes the worst for gold is over as he sees $2,300 as the new support level that won’t be broken soon. Moreover, he predicted that the precious metal would go above $2,400 shortly and forecasted another BTC correction.

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Velocity Labs and Ramp Network facilitate fiat to crypto onramp on Polkadot via Asset Hub support

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[PRESS RELEASE – Zug, SWITZERLAND, April 25th, 2024]

Velocity Labs is proud to announce a fiat to crypto onramp using Ramp Network through the integration of Asset Hub. Through it, Ramp will be able to service any parachain in the Polkadot ecosystem.

Onramps from fiat to crypto have historically been one of the biggest pain points with regard to DeFi accessibility. Thanks to the tireless builders who identified this issue early on, and have been working with regulators, credit card issuers and other payment infrastructure providers, the high barriers to crypto entry are about to be a thing of the past.

In November of last year, Velocity Labs began talks with Ramp, the leading onramp infrastructure provider for web3. The objective was simple: maximize Asset Hub’s accessibility, and to get it to its full potential.

Asset Hub is a system parachain considered the “home base” of assets in the Polkadot blockspace ecosystem. It enables the creation, management, and use of assets in the Polkadot network. As a system parachain, it has a trusted relationship with the Polkadot Relay Chain, allowing for porting of DOT from the Relay Chain to Asset Hub. Asset Hub is crucial for the emission of tokens similar to ERC-20 (the Ethereum standard powering DeFi on that chain) and the imminent and future resurgence of DeFi on Polkadot. However, Asset Hub has many constraints, particularly around UX and DevEx. Recognizing the potential of Asset Hub and its importance, Velocity has been working tirelessly to address these limitations.

Ramp is a financial technology company building solutions that connect the crypto economy with today’s global financial infrastructure. Through its core on- and off-ramp products, Ramp provides businesses and individuals across 150+ countries with a streamlined and smooth experience in converting between cryptocurrencies and fiat currencies. Ramp is fully integrated with the world’s major payment methods, including debit and credit cards, bank transfers, Apple Pay, Google Pay, and more.

About Velocity Labs

Velocity Labs is a DeFi and infrastructure development company founded with the objective of transforming the Polkadot blockspace ecosystem into a thriving hub for DeFi innovation. A team formed by Polkadot veterans and DeFi experts, Velocity Labs is committed to building critical market infrastructure and tooling to unlock Polkadot’s full potential.

More information on velocitylabs.org

Velocity Labs actively searching for builders to join us in creating the most efficient and resilient ecosystem for DeFi on Polkadot. If you think this is you, please get in touch with us through this form.

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