Bitcoin prices were falling Monday after cryptocurrency exchange Binance twice paused withdrawals of the largest digital asset, saying it was due to a large volume of pending transactions.
Bitcoin
has fallen more than 4% over the last 24 hours to around $27,754. Prices dropped more steeply after Binance—the world’s largest cryptocurrency exchange—said late Sunday that it had suspended withdrawals due to too many pending transactions. It attributed the problem to an unexpected surge in transaction fees.
Binance said earlyMonday that withdrawals had resumed. It denied that there were large volumes of outflows from its platform and said movements of billions of dollars worth of Bitcoin reported on social media were internal transactions.
Julio Moreno, an analyst at data firm CryptoQuant, tweeted that actual withdrawals from Binance likely amounted to around 10,100 Bitcoin, worth around $280.9 million.
Beyond Bitcoin,
Ether,
the second-largest crypto, dropped by around 3% to around $1,851. Smaller cryptos or altcoins were weaker, with
Cardano
falling around 3.9% and
Polygon
down 4.8%.
Dogecoin
fell 3.5%.
Write to Adam Clark at adam.clark@barrons.com
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