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Bitcoin withdrawals suspended as crypto crashes to 18-month low

Bitcoin withdrawals suspended as crypto crashes to 18-month low
Bitcoin withdrawals suspended as crypto crashes to 18-month low
Written by Harry Johnson

The largest cryptocurrency exchange in the world announced today that all withdrawals of Bitcoins were ‘temporarily suspended’ as the world’s principal crypto fell below $25,000 in the morning trading, down to $24,800 per token, down 9.8% for the day, and over 43% so far this year.

The move came amid a huge drop in cryptocurrencies’ prices during Monday trading.

Combined global cryptocurrency market capitalization dropped over 8% in the last 24 hours, to around $1.08 trillion.

According to Binance Chief Executive Officer’s tweet, the pause in Bitcoin withdrawals was ‘due to a stuck transaction causing a backlog’.

Bitcoin had been in a freefall for almost 12 straight weeks, dragging all of the smaller cryptocurrencies down with it.

World’s second largest crypto,Ethereum, shed almost 8% of its value today, trading around $1,340, a 15-month low.

Cardano, Dogecoin, Litecoin, Polkadot, Polygon, Solana, Stellar, Uniswap and XRP have also fell, shedding up to 15% over the 24-hour period.

Crypto lending firm Celsius was also forced to halt all transactions, due to ‘extreme market conditions’. Consequently, Celsius’ own token also plunged 45%.

Binance CEO, Changpeng Zhao, added that the exchange team is currently fixing the backlog, all users’ funds were safe, and the withdrawal snag was only affecting the Bitcoin network.

According to market experts, the cryptocurrencies’ prices are taking a beating due to the volatile macroeconomic environment, as the investors are not taking risks while the inflation is soaring worldwide.

About the author

Harry Johnson

Harry Johnson has been the assignment editor for eTurboNews for mroe than 20 years. He lives in Honolulu, Hawaii, and is originally from Europe. He enjoys writing and covering the news.

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