Hassan Maishera
TL;DR
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Bitcoin has lost more than 2% of its value in the last 24 hours and is currently trading just above $28,200.
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The poor performance came after Binance halted Bitcoin withdrawals on its platform twice over the weekend.
Bitcoin Stays Above $28k
Bitcoin, the world’s largest cryptocurrency by market cap, has lost more than 2% of its value over the weekend. The cryptocurrency is now trading just above the $28,200 level and could plunge lower in the coming hours.
The poor performance came after Binance, the world’s largest cryptocurrency exchange by daily trading volume, halted Bitcoin withdrawals on its platform, twice over the weekend.
Binance paused Bitcoin withdrawals on its platform after the Bitcoin network suffered from unprecedented congestion.
We've temporarily closed #BTC withdrawals due to the large volume of pending transactions.
— Binance (@binance) May 8, 2023
Our team is currently working on a fix and will reopen $BTC withdrawals as soon as possible.
Rest assured, funds are SAFU.
At the moment, it remains unclear when Binance will resume Bitcoin withdrawals on its platform again.
The broader cryptocurrency market has lost more than 2% of its value in the last 24 hours. At press time, the total cryptocurrency market cap stands at $1.16 trillion.
Ether, the second-largest cryptocurrency by market cap, has also been underperforming. ETH continues to trade below $1,900 after losing 1.7% of its value over the past 24 hours.
