The cryptocurrency exchange Binance has blocked the withdrawal of bitcoins, after the serious decline that the cryptocurrency experienced over the weekend and on Monday. Thus, at the moment, the users of this exchange do not have access to their money against the background of the ongoing shocks in the price of bitcoins.
On Monday, the largest cryptocurrency collapsed to a price of less than $ 25,000 per bitcoin, reaching its lowest level since December 2020. The reason for this is that since May there has been a serious sale of risky assets in crypto.
According to experts, the blocking of bitcoin transactions in Binance means that the systems of the online exchange have blocked the many requests of people to withdraw their money and is currently unable to fulfill them.
Changpen Zhao, CEO of Binance, commented on Twitter that despite the technical problems the platform is experiencing, people’s funds are safe.
Another cryptocurrency exchange, Celsius, has also paused botcoin withdrawals.
Over the weekend and on Monday morning, more than $ 200 billion was wiped out of the total value of the cryptocurrency market. Market capitalization fell below $ 1 trillion on Monday for the first time since February 2021, according to CoinMarketCap.