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Binance Suspends Cryptocurrency Withdrawal Due to Sharp Price Drop

In recent days, the cryptocurrency market, including Bitcoin, has experienced sharp losses in value.

Binance, the most widely used cryptocurrency exchange platform in the world, recently reported that it has temporarily suspended withdrawals from its digital wallet for some cryptocurrencies.

The above due to the volatility and instability that the market has had in recent days, which has caused a dramatic drop in the prices of several virtual currencies, including Bitcoin.

It may interest you: Government buys more Bitcoin despite registering losses in the last six months

However, Binance’s suspension applies only in the case of two “stable coins” of the Terra network, which are known as LUNA and TerraUST.

According to the specialized medium Beincrypto, these losses in the value of these cryptocurrencies have “congested” the network in which they work, so the company had to cancel the withdrawals.

Also: Bitcoin price crashes and falls to $32,000, the lowest in 2022

According to the same publication, the Terra stable coin lost parity, which works at a 1:1 equivalence with the price of the dollar, and was worth $0.69 over the weekend.

In recent days, the cryptocurrency market has been affected due to recent announcements by the United States Federal Reserve (Fed), so that Bitcoin, for example, came close to $30,000, a value that represents less than 50% of what it reached in November 2021, when it reached $69,000.

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