Bitcoin Switched Lower Below $28K, Is Binance The Main Reason?

Bitcoin Turned Down Below $28K, Is Binance The Reason?
  • The bitcoin buying and selling cost has fallen underneath the $28K mark.
  • The typical BTC transaction cost arrived at $19.20.

Bitcoin (BTC), the biggest cryptocurrency by market capital, has proven a great deal of highs and lows in recent days. A couple of days ago, Bitcoin arrived at the $30 mark despite the Fed’s rate of interest hike. However BTC’s buying and selling cost has fallen underneath the $28K mark, and contains proven a bearish intent within the last 24 hrs. 

Lately, the world’s largest crypto exchange, Binance, temporarily stopped Bitcoin withdrawals on its platform. Binance mentioned the decision took it’s origin from the congestion issue impacting Bitcoin’s network. These types of the bigger amount of pending transactions. Furthermore, the exchange added that it’s trying to fix the withdrawals as quickly as possible. Highlighting that earlier day, it stopped withdrawals for just one hour. 

Bitcoin Transaction Fee Skyrocketed

Following the Binance announcement, the buying and selling cost of BTC began declining. The cost fell from 29K to underneath the 28K mark. It’s not the very first time that Binance’s announcement has switched lower the BTC cost. In March, the crypto exchange suspended deposits and withdrawals, citing intricacies. That leads to the BTC cost shedding to $28,191, the cheapest in nearly per week. 

Simultaneously, Bitcoin transaction charges skyrocketed. Presently, the typical BTC transaction fee is about $19.20, or .00068 BTC, based on BitInfoCharts. Some crypto experts condition the Binance decision to pause withdrawals might have brought towards the recent cost drop of BTC. 

During the time of writing, the buying and selling cost of Bitcoin is about $27,489.46, having a decline well over 5.16% within the last 24 hrs, based on CoinMarketCap.

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