In a last-minute development, Binance announced that it is suspending Spot trading. During the development, Bitcoin (BTC) fell from $28,000. Details are as follows…
Binance suspends Spot trading!
In a hot development from the world’s largest exchange Binance, Spot trading was reportedly suspended due to some technical issues. In the official announcement, the exchange said, “We are aware of an issue on Binance affecting spot transactions. All spot transactions are currently temporarily suspended as we work to resolve this as soon as possible,” he tweeted.
Binance CEO Changpeng Zhao said in a follow-up tweet that the issue is expected to be resolved in the coming hours and it would be safer to take a break from trading. He stated that deposits and withdrawals are paused as part of the ‘standard operating procedure’ and all funds are safe. According to CZ’s statements on the subject:
Initial analysis shows that the matching engine encountered an error in a trailing stop order (an odd error). The problem is solved. It may take an estimated 30-120 minutes.
It will not affect crypto prices, according to CZ
The Binance CEO stated that after the initial clarifications, it was stated that the matching engine encountered an error in the trailing stop order. He emphasized that the estimated recovery time is between 30-120 minutes. According to CZ, the biggest Binance cryptos that pause transactions will not affect prices. But when Binance rises again, the deeper order book will return prices to normal. According to CZ’s statements:
The price will not move much when Binance stops trading. If the price moves on small exchanges, our deep order books will bring the price back when Binance restarts trading, causing them to lose money.
Bitcoin price drops
In the minutes when the Binance news emerged, BTC suddenly dropped $ 400 and lost the $ 28,000 level. It then quickly regained that price level. At the time of writing, it is gathering strength above $28,000.
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