Binance trading suspended: Why is Binance not working?
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Binance trading suspended due to an "issue" in the engines. After the firm announced that Binance is not working, both Bitcoin and Ethereum dropped in value by 1% to $27,649 and 2% to $1,751, respectively, before recovering slightly. So, what is the issue?
We are aware of an issue impacting spot trading on Binance.
All spot trading is currently temporarily suspended as we work to resolve this as soon as possible.
New updates will be shared here.
— Binance (@binance) March 24, 2023
More than 60% of all cryptocurrency spot trading takes place on Binance.
Binance trading suspended: While Binance is not working, BTC falling
Spot trading on the largest cryptocurrency exchange in the world has been temporarily suspended owing to an error. Despite the fact that the team has acknowledged the problem and is trying to fix it, the price of bitcoin dropped by almost $1,000 instantly.
In a following tweet, Binance CEO Changpeng Zhao stated the trading halt was precautionary and that the problem should be fixed soon.
Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.
Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. ? https://t.co/mvtGQ3JlMA
— CZ ? BNB (@cz_binance) March 24, 2023
CZ has been tweeting to reassure investors and traders despite the fact that spot trading, along with deposits and withdrawals, has been suspended on Binance.
A little trivia while we wait. Debugging. In the 1940s, when "chip" circuits still use big transistors. Insects often get in (because it's warm) and short circuit things. Engineers have to periodically remove the bugs, thus debugging.
— CZ ? BNB (@cz_binance) March 24, 2023
As for the market, CZ has suggested that these problems probably won't have much of an effect by saying:
“When the biggest exchange halts trading, prices won’t move much. If it moves on smaller exchanges, when Binance comes back, our deeper orderbook will bring the price back, causing those guys to lose money. Traders know this.”
Update: All trading will resume at 2 pm UTC.
AdvertisementTemporary system maintenance is complete. All trading will resume at 2pm UTC.
You can now cancel orders, process deposits, trade on P2P, and more.
Withdrawals will be resumed shortly after spot trading starts. Full details in the link below.https://t.co/bmVG5uQa2F
— Binance (@binance) March 24, 2023
