“Temporary pause of $ BTC withdrawals on #Binance due to a blocked transaction causing a backlog. Should be resolved in approximately 30 minutes.” So on Twitter at 15:00 Italian time co-founder and CEO of Binance, Changpeng Zhao. The CEO of the largest cryptocurrency exchange in the world specified that “this only has an impact on the Bitcoin network. You can still withdraw Bitcoin on other networks like BEP-20. It will probably take a little longer to fix than my estimate. initial”. Zhao specified that the funds are “SAFU”, a meme that plays on the word “safe” and also refers to Binance’s trading protection fund, the Secure Asset Fund for Users (SAFU).
A problem that coincides with the violent crash of cryptocurrencies with bitcoin and ethereum which collapsed to their lows since December 2020 (bitcoin price below $ 24,000) in the wake of the sell-off on the markets dictated by fears of an increasingly aggressive Fed in light of the growing inflationary pressures. Crypto under pressure also because the cryptocurrency lending platform Celsius has suspended withdrawals.
The global cryptocurrency market cap fell below $ 1 trillion for the first time since January 2021.