In the new announcement, the market leading exchange said it has reopened the USDC withdrawal service for its users. This move caused rumors of an impending crisis on Binance to be quashed.
As mentioned in an earlier Coincu News article, on the same day, Binance saw over $3 billion taken out of the exchange in 24 hours. What worried users was the sudden halt of USDC withdrawals following a token swap issue where the exchange was unable to convert funds due to the New York bank, the liquidity provider for the swap, is closed.
This led to rumors that the largest exchange in the market could be in a crisis similar to the recent crash of FTX.
However, amid the rumours, CEO Changpeng Zhao (CZ) has said it’s a good time for the “Stress Test Withdrawals” for the CEX. Indeed, this is also a number that investors expect is not too large and can affect the floor with the largest trading volume in the market today.
The resumption of Binance’s smooth operation has strengthened user confidence during a time of market turmoil due to the collapse of giants Sam Bankman-Fried and FTX.
The market also had more positive signals about the result that the US CPI in November 2022 was only 7.1% higher than the same period last year, down from 7.7% in October and lower than the 7.3% expected by financial analysts.
Bitcoin (BTC) price surged 4.83% in 24 hours to $17,866, its biggest value threshold since November 9, when the FTX market started showing liquidity problems at the time of the news. Currently the price sustains at $17,700.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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