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Binance Suspends ETH, XLM Withdrawals as XLM Surges to Highest Level Since 2018

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Mon, 05/10/2021 - 10:01
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Yuri Molchan
Largest crypto exchange Binance pauses ETH and XLM withdrawals due to a massive volume increase, while XLM reached the highest level since 2018
Binance Suspends ETH, XLM Withdrawals as XLM Surges to Highest Level Since 2018
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Binance has just announced that it has faced technical difficulties with ETH and XLM withdrawals due to a large increase in volume that has triggered issues with users taking their crypto from the exchange.

The team has assured users that the team is working on the issue.

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Image via Twitter

These increases in ETH and XLM volume today are down to these altcoins surging in price; Ethereum has reached a new all-time high above the $4,100 level, as U.Today covered earlier.

As for the 13th currency, Stellar Lumens (XLM), it has surged to the highest level last seen back in early January 2018: $0.74, according to data shared by CoinMarketCap.

XLM reached an ATH of $0.90 back on January 4, 2018.

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Image via CoinMarketCap

Related
Stellar and Visa Join Forces with Fintech Startup to Bank the Unbanked

One of the possible factors that has provoked this XLM rise is the recent announcement of Stellar partnering with the Visa giant, as well as Circle and fintech Tala (a company based in California) in order to increase crypto adoption in emerging markets.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.