Bull Market Issue; CZ Addresses Bitcoin Withdrawals Issue

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Binance News: The global digital asset market printed red indexes as Binance, the world’s largest crypto exchange temporarily halted Bitcoin’s (BTC) withdrawal two times in the last 12 hours. Bitcoin price has dropped by more than 2% in the last 24 hours. However, Changpeng Zhao (CZ), Binance CEO came out to address the issue.

Also Read: Binance Alleged Of Evading Russian Sanctions; CZ Yet To Reply

Binance’ CZ Jumps Into Rescue?

According to reports, Binance closed Bitcoin withdrawals stating a large volume of pending transactions. It added that there is a huge volume of pending transactions. However, the exchange did not anticipate the recent surge in Bitcoin network gas fees. It assured that their team is working to accelerate the confirmation of all pending transactions.

CZ in a recent comment addressed the spiking gas fees due to recent disruption. He stated that prices fluctuate and go up, transactions get stuck, fees spike and people will complain. However, he concluded all the Gas fees spike by calling it a bull market issue. Binance’s asked the market to look at the bright side as it is still cheap than fiat.

In order to counter the withdrawal issues, the world’s largest crypto exchange reportedly replaced the pending Bitcoin withdrawal transactions with higher fees. It was done with the intention of getting picked up by mining pools.

Also Read: Ripple Exec Hints Coinbase’s Next Move

Meanwhile, Binance mentioned enabling BTC lighting Network withdrawals amid the ongoing situation. It stated that to prevent such similar recurrence in the future, they have adjusted the gas fees.

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Ashish believes in Decentralisation and has a keen interest in evolving Blockchain technology, Cryptocurrency ecosystem, and NFTs. He aims to create awareness around the growing Crypto industry through his writings and analysis. When he is not writing, he is playing video games, watching some thriller movie, or is out for some outdoor sports. Reach me at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.