Binance, which stopped its withdrawals twice in 12 hours, triggered the market downwards.
Stopped withdrawals for the second time on May 8 Binance , creating a panic atmosphere in investors, affected the market in a selling way. Due to the large number of pending transactions BTC announced that it is “temporarily” closing withdrawals. This post on Twitter drew the reaction of many investors. Two hours after the first post about the event, he made an announcement again. Binancenoted 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.
Gas prices fluctuate and go up, transactions get stuck, fees go up, people complain. Bull market issues… 🤷♂️
Look on the bright side though, still faster and cheaper than fiat. 🙏 https://t.co/BMed7EPkAi
— CZ 🔶 Binance (@cz_binance) May 8, 2023
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.
