The world’s leading cryptocurrency exchange Binance suspended Ethereum and ERC-20 withdrawals this morning, purportedly for the purpose of wallet maintenance. According to their announcement, the suspension is only temporary and quite short, starting at 8am UTC and runs until 9am UTC.
#Binance will suspend withdrawals for Ethereum (ETH) and ERC-20 tokens starting from 2021-05-13 8:00 AM (UTC) for temporary wallet maintenance.
Trading and deposits are not affected.
Withdrawals will be reopened at 2021-05-13 9:00 AM (UTC) .https: //t.co/DsXGRxAgGQ
– Binance (@binance) May 13, 2021
However, although withdrawals were disabled, the exchange stated that trading and deposits would not be affected during maintenance.
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Another thing to note is that this is the third time the exchange has closed cryptocurrency withdrawals. Earlier this week, it did the same for XLM and ETH, and after that, it suspended all withdrawals entirely, for a short period, after which they were fully restored.
Binance Maintenance Starts As Cryptocurrency Prices Fall
Interestingly, the suspension came at a very inconvenient time, just as the crypto industry started going through a rough patch that caused most coins to start trading in the red. Bitcoin, for example, is down 13.22% in the last 24 hours, and Ethereum (ETH) itself is down 14.05%.
Dogecoin, the best performing crypto of the year, saw its price almost cut in half over the course of the past few days. Not only did its price plummet to $ 0.38, but the coin also fell from its position of the fourth largest crypto, currently ranking sixth. While there is still some space between it and the next coin, XRP, which is currently in seventh place, DOGE’s price and market capitalization appear to be falling rapidly.
As for Binance, the exchange has a history of ‘having to do maintenance’ whenever prices start to behave in a way that could cause people to start selling en masse. But, given the short period during which the withdrawals weren’t available, the move hopefully didn’t bother many people too much.
As for Binance’s Binance Coin (BNB), it currently still ranks third on the list of the largest cryptocurrencies, although its own price also suffered heavy losses, sinking 13% in the past 24 hours. At the time of writing this article, the price of BNB stands at $ 577. Meanwhile, BTC is once again below $ 50,000, as its price currently stands at $ 48,972.