Binance Resumes Trading Within Hours, Maintenance Took Longer than Expected
Cryptovest
Published Jun 27, 2018 02:51AM ET
Binance Resumes Trading Within Hours, Maintenance Took Longer than Expected
Binance, the leading exchange for many altcoins, is coming back online in a few hours, if all goes according to plan. More issues were found during the maintenance period, and the lockdown lasted for more than a couple of days. Deposits will be reopened, but withdrawals will wait for another hour, Binance explained.
https://twitter.com/binance/status/1011577394250108928
At the same time, markets remained jittery, with Bitcoin threatening to crash again below $6,000, with no signs of a bull market ahead.
In the past few days, crypto trading has seen a withdrawal of volumes, mostly from the US dollar. In its stead, Tether (USDT) , as well as other coins have taken up the slack, making the exchanges among crypto coins the only saving factor that aids price discovery. A new printing of USDT did not help Bitcoin this time, as the leading coin slid toward $6,000.
The activity of Binance coin would thus be important to boost prices and add volumes, where trading on the entire market has slowed down to $10 billion in 24 hours.
The price of Binance Coin (BNB) has frozen at $14.17, and its trading profile has also changed - more than 52% of BNB exchanges are with the USDT asset. During the bear market, a fixed price coin has turned out to be the best store of value as most assets never stop sliding. Binance also holds one of the largest USDT wallets, boosting Bitcoin prices, as well as potentially several other altcoins.
The lockdown on Binance may have dragged down Cardano (ADA) , which slid by more than 20% net in the past seven days to $0.12, pressured by losing a vast part of its volumes. ADA sees action on Upbit, where it is traded against the Korean Won.
Binance also had a recent debacle with SkyCoin (SKY) , after mistakenly allowing hundreds of thousands of SKY to be dumped on the exchange, crashing the price. However, the SkyCoin project continues, and plans to add BNB as one of the assets on its network.
https://twitter.com/Skycoinproject/status/1010914420896104448
Recently, SKY trading started on Binance, but the price crashed again, sliding to $5.82, wiping out hopes for a quick recovery to previous levels.
Binance continues to expand its services, by listing Selfkey (KEY), as well as assisting with the monthly token unlocking for PundiX (NPXS).
This article appeared first on Cryptovest
Get The News You Want
Written By: Cryptovest
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.