Crypto Market in Red as $215bn is wiped of CryptoCurrency Market; Bitcoin trades less than $24,000
Binance, the world's biggest cryptocurrency exchange, said that it had temporarily suspended withdrawals on its bitcoin network. It said that bitcoin could still be withdrawn on its other networks.
Bitcoin again plummeted to an all-time low of $23,000 on Monday, June 13, 2022. About 180, 000 traders have lost $520 million, as the largest crypto dips to the lowest point in months, a price not seen since December 2020.
The company said it made the decision because some transactions had gotten "stuck" and were causing a backlog.
"Binance will reopen withdrawals on the bitcoin (BTC) network once our withdrawal system becomes stable, and we will notify users in a further announcement," the company said in a statement.
Also, Celsius, the owners of the CELL tokens said they are halting withdrawals from their platforms following massive panic
Bitcoin has dipped far below a critical support point, the $25,000 support zone alongside the liquidation, margin calls and loss of funds have become the order of the day.