Cryptocurrency exchange Binance has temporarily halted Bitcoin withdrawals due to extreme market turbulence, according to a tweet posted by CEO Changpeng Zhao.
Zhao has assured users that their funds are safe, claiming that the suspension of withdrawals is linked to a backlog caused by a stuck on-chain transaction.
The Binance team is currently working on a solution, an official announcement says. Zhao claims that the problem is expected to be fixed in half an hour.
Major cryptocurrency exchanges typically experience performance issues when there is severe market volatility.
Earlier today, the price of the largest cryptocurrency collapsed to as low as $23,964 on the Bitstamp exchange, extending its bearish streak.
The total cryptocurrency market capitalization has dropped below the $1 trillion level for the first time since January 2021 amid the worsening sell-off.
Roughly $316 million worth of cryptocurrencies have been liquidated over the past four hours alone, according to data provided by crypto analytics firm Coinglass.
The cryptocurrency market has been pummeled by a double-whammy of worsening macro conditions and the Celsius imbroglio. As reported by U.Today, one of the largest cryptocurrency lenders paused all withdrawals earlier today, stoking fears among cryptocurrency enthusiasts, with its native token losing more than half of its value.
Binance is the world's largest exchange in terms of trading volumes. Over the past 24 hours, it has recorded $28.7 billion worth of spot traders, dwarfing its closest competitors (FTX and Coinbase), according to data provided by CoinMarketCap.