ISLAMABAD
The cryptocurrency market landed in the reds on Monday after crypto exchange Binance halted bitcoin withdrawals twice for several hours, with market capitalisation losing 2.7 percent to reach $1.2 trillion.
Cryptocurrency exchange Binance halted bitcoin withdrawals for some hours on Monday, citing heavy volumes and a surge in processing fees, before clearing them at a higher cost.
As of 1125 hours GMT, the oldest and most valued crypto coin Bitcoin (BTC) slipped below $28,000 mark, falling to $27,940 reflecting a decrease of 3.2 percent. With this decrease in price, the market capitalisation of the biggest crypto has reached $541.6 billion. Bitcoin has shed 4.7 percent of its value over the last seven days.
Similarly, Ether (ETH), the world’s second-largest cryptocurrency by market capitalisation, shed 2.5 percent to reach $1,856. With this decrease in price, the market capitalisation of ETH has reached $223.8 billion. ETH has been 1.4 percent down in the past seven days.
Similarly, Binance Coin (BNB) price shed 2.1 percent to reach $317. With this decrease in price, the market capitalisation of BNB has reached $50.2 billion. BNB has shed 5.8 percent of its value during the last seven days.
Likewise, Ripple (XRP) price went down by 4.7 percent to $0.43. The market capitalisation of XRP stands at $22.7 billion with this decrease. XRP has shed 7.4 percent of its value during the last seven days.
Cardano (ADA) also remained on the downslide as it shed 3 percent to reach $0.37. Its market capitalisation has reached $13 billion with this decrease. ADA has shed 6.9 percent of its value in the past seven days.
Stacks (STX) emerged to be the biggest gainer of the lot, with a 24-hour jump of over 5 percent.
SUI, on the other hand, became the top loser, with a 24-hour dip of over 10 percent.
Binance, the world’s crypto exchange in terms of daily trading volume, halted Bitcoin (BTC) withdrawals twice within 12 hours due to blockchain congestion. The move led to a slump in crypto prices.
“Our set fees did not anticipate the recent surge in (bitcoin) network gas fees,” Binance said in a tweet. “We’re replacing the pending bitcoin withdrawal transactions with a higher fee so that they get picked up by mining pools.”
Gas fees refer to payments made to crypto miners whose computing power processes transactions on the blockchain. After an hour-long stoppage late on Sunday and several hours on Monday, Binance said withdrawals resumed.
