Binance has changed the withdrawals of two high-volume altcoins. Ethereum (ETH), in particular, may come under pressure as the staking withdrawal time is shortened by 10 days…
Binance made important announcements for these 2 altcoins
Binance announced that it has reduced the processing time for ETH staking withdrawal requests to five days. With the new sense, the ETH withdrawal date will last 5 days from May 18. The exchange also plans to further reduce the transaction time to better serve users. As Kriptokoin.com, we have included the details in this article.
Potential impact on ETH price
Binance has reduced the time for ETH staking withdrawals from 15 days to 5 days. This development provides more flexibility for investors who might want to sell ETH and use it for purposes such as buying other altcoins or paying bills.
This latest move by Binance could have a positive impact on ETH demand as it increases flexibility and liquidity for stakers. It can also encourage more people to stake ETH. This will help reduce the circulating supply of ETH and potentially increase the price.
Binance opens Conflux Network (CFX) deposits and withdrawals
In another announcement, Binance announced that it has finally completed its Conflux Network (CFX) mainnet integration. The exchange will now support trading of CFX tokens without converting them to BEP20 CFX tokens.
Users can now start CFX trades on the Conflux Network. Binance will support deposits and withdrawals for CFX tokens via Conflux eSpace, Conflux Core Space and BNB Smart Chain (BEP20). Meanwhile, the CFX price gained over 20% after the announcement.
CFX price dropped 40% in one month as traders took profits. However, it remains above the initial price at which it started to recover. Binance support is likely to increase prices in the next few days.
About Conflux Network (CFX)
Conflux has recorded increased volume amid demand for China-linked blockchain and tokens. The Altcoin project is the only regulatory-compliant Blockchain in China. It also leverages the Tree-Graph consensus mechanism for increased throughput and scalability.
Conflux Network (CFX) is a Blockchain network that offers high transaction speed and low fees. CFX increases its security by using Proof of Work (CPoW) algorithm with ASIC resistance. It also enables easy portability of Ethereum-based smart contracts thanks to its EVM compatibility. It also provides a platform for decentralized finance (DeFi) applications, games, and more.
As you follow on Kriptokoin.com, Conflux has partnered with China Telecom for Blockchain products. It integrated with Little Red Book, the Chinese version of Instagram. Additionally, Uniswap V3 launched the liquidity pools for the CFX/USDT and CFX/BTC pairs.
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