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Bitcoin news: Binance temporarily halts BTC withdrawals

According to a tweet posted by Binance CEO, Changpeng Zhao, the crypto exchange has temporarily suspended Bitcoin (BTC) withdrawal as a result of the current market turmoil.

However, the CEO has assured their customers that their funds are safe noting that the withdrawal suspension is connected to a backlog triggered by a stuck on-chain transaction. 

In an official announcement, it was confirmed that the Binance team is currently working on the problem. Zhao noted the team will have fixed the issue within thirty minutes. 

Major crypto exchanges were affected too

When there is severe market volatility, major crypto exchanges also experience performance issues. At the time of writing, the largest crypto by market cap, Bitcoin, the price has dropped to as low as $23,591.83 down 13.67% in the last 24 hours extending its bearish streak.

Since January 2021, this is the first time the total crypto market cap has dropped below the $1 billion level. According to the data from CoinGlas, a crypto analyst firm, there is about $316 million worth of cryptos in liquidation.

Additionally, the crypto market has also been hit by the Celsius mess and the deteriorating macro conditions. Earlier today, one of the largest crypto lenders, Celsius, had paused all the withdrawal transactions. Following the Celsius announcement, its native token (CEL) lost half of its value causing fears among the crypto enthusiasts and investors.

However, Binance recorded over $28.7 billion worth of traders in the last 24 hours overshadowing its closest competitors, Coinbase and FTX.

The post Bitcoin news: Binance temporarily halts BTC withdrawals appeared first on CoinJournal.

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Tron DAO Reserve deploys more assets as USDD depegs and TRX falls 18%

The general crypto Monday has started the week with a plunge, but for TRON, things have somehow started to get worse after the Tron DAO Reserve was forced to deploy resources after its stablecoin de-pegged.

The USDD stablecoin started the week by temporarily depeging to as low as $0.97; something that caused a corresponding reaction affecting TRX price which had dropped by 18.68% to $0.06291 at the time of writing.

At the time of writing, the price of the USDD stablecoin had not yet regained its Dollar parity and was trading at $0.9892.

Justin Sun is ready to fight for the stability of USDD

The head of Tron Foundation, Justin Sun, has stated that he is ready to deploy as much as $2 billion to keep the USDD pegged to the dollar.

So far, the TRON DAO has deployed 700 million USDC coins to try and keep the USDD pegged to the dollar.

The current situation with the USDD stablecoin seems to be following a similar trajectory to Terra’s TerraUSD (UST) stablecoin.

When the UST first de-pegged, Do Kown announced that they would be deploying more capital to try and keep the UST pegged to the US Dollar. 

Avoiding Terra’s path

Justin Sun had earlier on said that the USDD would be overcollateralized at 130% to avoid going down the same path that the TerraUSD used.

Sun has gone ahead to also say that TRON DAO will deploy $2 billion to fight back the negative funding on Binance. He also warned of an impending short squeeze on TRX tokens over the next few days or weeks.

The post Tron DAO Reserve deploys more assets as USDD depegs and TRX falls 18% appeared first on CoinJournal.

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Bitcoin defends its support level above $22k as the bearish trend thickens

The cryptocurrency market shed billions of dollars over the weekend as the top coins and tokens underperform.

The bearish sentiment in the cryptocurrency thickened over the weekend as Bitcoin and other major coins recorded huge losses.

Over the past 24 hours, the total cryptocurrency market cap has dropped by more than 12% and currently stands above $970 billion. This means that the cryptocurrency market has lost more than 60% of its value since reaching an all-time high of $3 trillion in November 2022.

Bitcoin remains the industry leader but has been negatively affected in recent months. At press time, Bitcoin is trading above $24k per coin, down by more than 12% over the past 24 hours.

The bearish performance comes after Celsius, one of the leading cryptocurrency lending platforms in the world, paused withdrawals, citing extreme market conditions. 

Celsius has more than $12 billion in assets under management, making its move a substantial one in the cryptocurrency market. The company said;

“Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts.”

Key levels to watch

The BTC/USD 4-hour chart is extremely bearish as Bitcoin has underperformed over the past 24 hours. The technical indicators show that BTC is currently bearish.

The MACD is below the neutral zone, showing that BTC is currently underperforming. The 14-day RSI of 17 shows that Bitcoin is currently in the oversold region.

At press time, Bitcoin is trading at $24,053 per coin. If the bearish trend continues, BTC could drop below the $22k support level before the end of the day. In the event of an extended negative performance, BTC could test the $20k support level for the first time this year. 

The post Bitcoin defends its support level above $22k as the bearish trend thickens appeared first on CoinJournal.