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Bitcoin (BTC) Withdrawals to Be Temporarily Suspended on Binance, Here's Why

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Thu, 2/11/2023 - 13:19
Bitcoin (BTC) Withdrawals to Be Temporarily Suspended on Binance, Here's Why
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The Bitcoin network might see a temporary suspension of withdrawals on Binance for about half an hour on Nov. 3.

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In an official blog post, Binance gives the reason for the upcoming temporary suspension of withdrawals on the said date: it will be performing routine wallet maintenance.

Binance says it will be performing wallet maintenance for the Bitcoin (BTC) network on Nov. 3 at 2:00 a.m. (UTC), which will take about 30 minutes. In light of this, withdrawals on the Bitcoin (BTC) network will be suspended starting on Nov. 3 at 2:00 a.m. (UTC).

However, deposits and the trading of digital assets on the Bitcoin (BTC) network will not be impacted during the maintenance.

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Binance says it will reopen withdrawals after the maintenance is complete but may not notify users in a further announcement.

Bitcoin price action

Bitcoin reached new year-to-date highs of $35,997 in early Thursday trading. A rise in Bitcoin (BTC) since the week began boosted the price of BTC over the $35,000 barrier, which had previously stopped its upward trend over the last two weeks.

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At press time, Bitcoin was trading at roughly $35,423, up 2.88% in the previous 24 hours.

The Federal Open Market Committee (FOMC) of the United States Federal Reserve held steady its benchmark fed funds rate on Wednesday, as expected.

During the post-FOMC news conference, Fed Chairman Jerome Powell stated that a rise in U.S. Treasury yields has contributed to tightening financial conditions, but he left the door open for another rate hike if necessary.

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