Binance Suspends ETH Withdrawals Again Due To ‚Network Congestion‘

Binance has temporarily suspended Ethereum withdrawals due to „network congestion.“

A similar incident took place on February 19.

The price of ETH is currently down 23% over the week

This February 23, the exchange of cryptomonnaie Binance announced on Twitter at 9:20 GMT it had „temporarily suspended withdrawals tokens and based on ETH Ethereum due to high network congestion.“

This is the second time in a week that Bitcoin Pro has suspended its Ethereum withdrawals .

“Binance has temporarily suspended withdrawals of tokens based on $ ETH and Ethereum due to severe network congestion.

Please be assured that the funds are safe, and we apologize for any inconvenience caused.

Updates will follow ”.

A similar incident happened on February 19, when Binance also suspended withdrawals from ETH and ERC-20, citing “network congestion” as the same reason.

Binance reassured investors that their “funds are safe,” but provided no further details in the two suspension cases

During the February 19 suspension incident, blockchain analyst Larry Cermak was quick to point out that Ethereum did not appear to be congested and had found itself unable to withdraw ETH even before the announcement of the suspension.

At that time, the price of Ethereum (ETH) was at its highest level yet and was on the verge of breaking the $ 2,000 mark . Binance Coin ( BNB ) was also on the rise. However, due to this suspension, the price of ETH stagnated just below the $ 2,000 mark, while BNB jumped $ 60 during the same period.

This fueled speculation on the reasons for this suspension, including the possibility of a BNB “ wash trading ”, or market manipulation.

Ethereum’s gas charges were the subject of controversy in 2021. Knowing that transaction costs are directly proportional to network congestion, they often vary significantly.

Recently, Ethereum’s gas charges have indeed skyrocketed, with some sources reporting an average charge of $ 30.

Ethereum is currently trading at $ 1,492 after hitting an all-time high of $ 2,040 on February 20. ETH has fallen almost 24% since that peak and is back to its highest levels of early 2018.

A market-wide crash has led to huge sell-offs among crypto-investors. More than $ 5.5 billion in positions have been liquidated in the past 24 hours , according to data from Bybt.

JPMorgan har fortsatt holdning til tarm og undergang mot BTC

Bitcoin har hatt det veldig bra som sent, men det hindrer ikke økonomiske giganter i å se det i et dårlig lys. En av disse tvilerne er JPMorgan, som nylig hevdet i en ny rapport at bitcoin aldri kom til å slå $ 40.000 igjen. Verdens største digitale valuta etter markedsverdi viste seg til slutt at selskapet tok feil og handler i skrivende stund for mer enn $ 52 000 per enhet.

JPMorgan tror ting vil gå galt med BTC

Nå har JPMorgan utstedt en uttalelse som hevder at hvis valutaen fortsetter å rulle som den er, vil ting bli dårlige for handelsmenn. Firmaet kunngjør at mengden risiko forbundet med Bitcoin Billionaire er satt til å øke til enestående nivåer gitt ting ikke roer seg litt i løpet av de kommende ukene.

Interessant, dette er det motsatte følelsen av figurer som Anthony Pompliano, en medstifter og partner i Morgan Creek Digital. I et nylig intervju hevdet han at bitcoin lett kunne treffe $ 500 000 per enhet innen utgangen av 2029, og at han fullt ut tror eiendelen til slutt vil nå $ 1 million, selv om han ikke har gitt noen dato for når han tror dette vil skje.

Uansett er han bullish når det gjelder bitcoin, og sier:

Jeg tror at bitcoin til slutt vil stige til å bli den globale reservevalutaen. Jeg tror bitcoin til slutt vil bli mye, mye større enn gullmarkedsverdien … Det var billioner av dollar som ble trykt og injisert i økonomien, og alle fra enkeltpersoner til finansinstitusjoner og selskaper løp rundt i verden på jakt etter den beste måten å beskytte deres kjøpekraft. De bestemte til slutt at det var bitcoin.

I tillegg sier han at bitcoins mangel på sentralisering vil bidra til å drive nettverket ytterligere, og at flere sannsynligvis vil bli involvert i de kommende månedene. Han sier:

Etter hvert som flere og flere kommer inn i markedet, er det mer likviditet. Ettersom det er mer likviditet, er det mer nytteverdi. Ettersom det er mer verktøy, er det mer stabilitet i prisen … Du får en slags evolusjon. Hvis du tenker på den internettøkonomien, er det ingen innfødt valuta … [Bitcoin] vil til slutt ta det setet i kongeriket for å være den globale reservevalutaen til internettgenerasjonen.

Legge tvil til ligningen

Til tross for alt dette, tar JPMorgan fremdeles veldig inn en dysterhet og undergang, og siterer valutaens pågående volatilitet som et stort problem for handelsmenn og investorer overalt. Nikolaos Panigirtzoglou – global markedsstrateg i JPMorgan – forklarte i en uttalelse:

Den største risikoen er at strømningsimpulsen vi har sett de siste månedene, avtar vesentlig herfra. Når økonomiene åpnes igjen, går folk tilbake til kontoret, de har kortere tid til å handle hjemme, og som et resultat avtar noe av den detaljiststrømimpulsen herfra.

Bitcoin, “digital gold” according to the CEO of VISA – Cryptocurrencies coming soon?

One more step into the cryptosphere – After PayPal, it is now Visa that wants to impose itself in the cryptocurrency sector. The $ 451 billion company is preparing to open its network to stablecoins … but also to traditional cryptocurrencies ?

Growing interest in cryptocurrencies …

The global giant VISA already has a foothold in the cryptocurrency sector, thanks to several partnerships with CeFi (centralized finance) platforms . Among them are BlockFi, Fold, and Crypto.com , which issue products bearing the VISA mark.

But this time, its CEO, Alfred Kelly , suggests that cryptomonnaies could work directly on the VISA network in the future. Current crypto cards actually work in 2 stages . When a customer uses one of their cards at a merchant, the cryptocurrency itself does not interact with the network. In reality, the platform sells an equivalent amount of crypto, and VISA processes the payment in fiat.

With the recent announcement of the introduction of the USDC on its network, VISA now seems to want to push this innovation to the limit.

“As a specific digital currency becomes a recognized medium of exchange, there is no reason why we cannot add it to our network, which already supports over 160 currencies today. “

… but careful integration

However, Alfred Kelly is not entirely convinced of the merits of a wider use of cryptocurrencies. Indeed, the payments veteran said that if bitcoin is one of the most widely used and well-known cryptos , it is because it functions like ‚digital gold‘ .

Either way, that may soon change . At a company meeting in the first quarter of 2021, the latter said that VISA could make the cryptocurrency market more secure and useful for its millions of customers around the world. The payments manager also said that stablecoins could be used for global trade.