Binance Resumes Trading Within Hours, Maintenance Took Longer than Expected
The ordeal, lasting more than two days, did not create immediate panic, but Binance launches just in time for another market downturn.
Binance, the leading exchange for many altcoins, is coming back online in a few hours, if all goes according to plan. More issues were found during the maintenance period, and the lockdown lasted for more than a couple of days. Deposits will be reopened, but withdrawals will wait for another hour, Binance explained.
At the same time, markets remained jittery, with Bitcoin threatening to crash again below $6,000, with no signs of a bull market ahead.
In the past few days, crypto trading has seen a withdrawal of volumes, mostly from the US dollar. In its stead, Tether (USDT), as well as other coins have taken up the slack, making the exchanges among crypto coins the only saving factor that aids price discovery. A new printing of USDT did not help Bitcoin this time, as the leading coin slid toward $6,000.
The activity of Binance coin would thus be important to boost prices and add volumes, where trading on the entire market has slowed down to $10 billion in 24 hours.
The price of Binance Coin (BNB) has frozen at $14.17, and its trading profile has also changed - more than 52% of BNB exchanges are with the USDT asset. During the bear market, a fixed price coin has turned out to be the best store of value as most assets never stop sliding. Binance also holds one of the largest USDT wallets, boosting Bitcoin prices, as well as potentially several other altcoins.
The lockdown on Binance may have dragged down Cardano (ADA), which slid by more than 20% net in the past seven days to $0.12, pressured by losing a vast part of its volumes. ADA sees action on Upbit, where it is traded against the Korean Won.
Binance also had a recent debacle with SkyCoin (SKY), after mistakenly allowing hundreds of thousands of SKY to be dumped on the exchange, crashing the price. However, the SkyCoin project continues, and plans to add BNB as one of the assets on its network.
Recently, SKY trading started on Binance, but the price crashed again, sliding to $5.82, wiping out hopes for a quick recovery to previous levels.
Binance continues to expand its services, by listing Selfkey (KEY), as well as assisting with the monthly token unlocking for PundiX (NPXS).