Binance cryptocurrency exchange has suspended trading due to a potential matching error. The CEO has, however, said that the team is already working to restore trading.
Binance to restore trading within an hour
According to Zhao, the exchange team is already working to restore the functioning of the site and hopes to solve the problems within an hour. The engine of spot and margin trading, the function of deposit/withdrawal, and transfer of funds are in the maintenance state.
OTC transactions, peer-to-peer transfers, Earn service, liquidity swaps, Launchpool, and Cloud services have also been suspended.
The mechanism of convergence and futures trading continues to work, as usual, Zhao noted.
Bitcoin price fell below $23,000
Following the news that Binance has suspended trading, the price of the flagship cryptocurrency corrected towards $22,500 after colliding with resistance near the $24,000 level.
The fall was accompanied by a significant decrease in trading volume. Shortly before the correction, digital gold once again renewed its all-time high.
Almost half a million dollars worth of long positions were liquidated in a few hours.
According to journalist Joseph Young, arrays of sell orders formed at $24,200 and $ 24,500.
If any brave soul is trading this range, $24.2k and $24.5k are strong sell Bitcoin walls on Bitfinex.— Joseph Young (@iamjosephyoung) December 21, 2020
Beware of high volatility like last night.
$23k big support on heatmaps.
This rally to $24.2k would be 3rd test, which historically breaks. Still, be wary. pic.twitter.com/C0Pu88im6Y
However, some users have expressed the hope that the so-called “altcoin season” will soon begin.
At the time of writing, the top ten crypto assets look like this:
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