Crypto stocks fall after Binance halts bitcoin withdrawals for hours

  • 📰 Reuters
  • ⏱ Reading Time:
  • 16 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 97%

Business News News

Business Business Latest News,Business Business Headlines

Shares of crypto currency- and blockchain-related companies fell in premarket trading on Monday after Binance halted its bitcoin withdrawals for several hours due to heavy volumes and rising processing fees.

Binance, the world's largest crypto exchange,bitcoin withdrawals for an hour late on Sunday and for about three hours on Monday, saying there was a glut of pending transactions because it hadn't offered so-called miners a high enough reward to log the trades on the blockchain.

The company said its set fees did not anticipate the recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain.In March, the companyReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 2. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines