Binance, which stopped its withdrawals twice in 12 hours, triggered the market downwards.
Binance, which stopped the withdrawals for the second time on May 8, created a panic atmosphere in the investors, affecting the market in a selling way. It announced that it is “temporarily” closing BTC withdrawals due to the large number of pending transactions. This post on Twitter drew the reaction of many investors. Announcing again two hours after the first post about the event, Binance stated that it has replaced withdrawals with a higher fee for them to be received by mining pools.
Binance CEO CZ Speaks About The Event: Bull Market Problems!
Making a statement about system outages, CZ stated that there was no problem and said that this was a sign of a bull market. Referring to the large number of pending transactions, the intensity of the market and the willing investors, CZ had a slightly positive impact on the market.
https://twitter.com/cz_binance/status/1655441114877362176
CZ, who made a statement in addition to a social media post, said, “Fee prices fluctuate and rise, transactions are stuck, fees rise, people complain. Bull market issues… On the bright side though, it’s still faster and cheaper than fiat.” said.
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