Crypto stocks drop after Binance halts bitcoin withdrawals for hours

📆 5/8/2023 12:40 PM
📰 Reuters

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Shares of cryptocurrency- and blockchain-related companies fell in early trading hours 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 a recent surge in bitcoin-network gas fees - the payments made to crypto miners whose computing power processes transactions on the blockchain. "There were so much traffic congestion and also the gas fees were so high over the weekend ... even by historical standards," Oppenheimer's Owen Lau told Reuters.In March, it hadReporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Devika Syamnath

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Crypto stocks fall after Binance halts bitcoin withdrawals for hoursShares 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.
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