Crypto stocks fall after Binance halts bitcoin withdrawals for hours

  • 📰 ChannelNewsAsia
  • ⏱ Reading Time:
  • 48 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 23%
  • Publisher: 66%

Malaysia News News

Malaysia Malaysia Latest News,Malaysia Malaysia 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.The halts pushed bitcoin, the world's biggest cryptocurrency, down 2 per cent to a one-week low of

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.

The halts pushed bitcoin, the world's biggest cryptocurrency, down 2 per cent to a one-week low of $27,900. Crypto exchange Coinbase Inc fell 4 per cent, while blockchain-farm operator Bitfarms Ltd dropped 4.3 per cent. Crypto miners including Riot Platforms, Marathon Digital and Hut 8 Mining declined between 4.6 per cent and 7.2 per cent, tracking lower bitcoin prices.

Binance, the world's largest crypto exchange, shut 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 company suspended deposits and withdrawals citing tech issues.

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:

 /  🏆 6. in MY
 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

Malaysia Malaysia Latest News, Malaysia Malaysia Headlines