The world’s largest crypto exchange announced the temporary suspension of spot trading due to an error.
Although the team said they are working on resolving the issue, bitcoin’s price dipped immediately by nearly a grand.
- Binance took it to Twitter to outline the platform issues, which impacted the spot trading features. The company said it suspended such trading while working on a solution.
- An update from CEO Changpeng Zhao (CZ) shed some more light on the potential nature of the problem.
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 🔶 Binance (@cz_binance) March 24, 2023
- Despite the assurances from the Binance team that they are working to resolve this, BTC, and the rest of the crypto market, reacted with immediate price drops.
- The largest digital assets fell by $700 to $27,500. Ethereum dropped from over $1,800 to $1,750 in minutes.
- OKX, another crypto giant, recently went through a similar outage, which was related to some of its servers.
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Source: https://cryptopotato.com/bitcoin-drops-below-28k-as-binance-announced-temporary-spot-trading-suspension/