Cryptocurrency exchange Binance temporarily stopped the withdrawal of all digital assets due to high demand from traders/
First it became known that the cryptocurrency exchange Binance temporarily banned the withdrawal of ether (ETH) and stellar (XLM). This is reported on the page of the exchange on Twitter. The platform cited a “sharp increase in trading volume” for these cryptocurrencies. However, the ban later extended to all digital assets.
Update. The exchange restored the withdrawal of all cryptocurrencies at 2:34 p.m. MSC.
The exchange apologized for the inconvenience and said it was working on resuming withdrawals. However, there is no exact information on when the functionality will be restored yet. It should be noted that ETH price rolled back by 3% to $4037 on the background of the announcement.
Recall, earlier Santiment analysts concluded that the current rally of ETH is fraught with great consequences because of the great excitement among retail investors. The cryptocurrency has already entered the danger zone, which could have an impact in the form of pressure on the price from sellers.
Moreover, updating price records contrary to the danger signals indicates that ether (ETH) is overbought, according to analysts. According to them, the current market conditions are more and more reminiscent of the 2017 HYIP. Recall, then the excessive excitement of retail investors was followed by “cryptozyma”.
Meanwhile, large investors are in no hurry to invest in ETH because of the uncertainty associated with the network’s transition to the new version of Ethereum 2.0. At least that’s the opinion of OKEx. Thus, according to the exchange, the long transition to version 2.0 opens up opportunities for other blockchains.
The price of ETH in the ETH/USDT trading pair is $4040 at the time of writing.