Popular Exchange Restores Deposits & Withdrawals
As you might probably know, Binance encountered a massive security breach last week. The exchange has had the rough equivalent of $40 M USD or 7000 BTC stolen by hackers. The hack led to a week long hiatus on deposits and withdrawals as Binance improved its security protocols.
During that week many things changed in the world of cryptocurrencies and Bitcoin. New York Blockchain Week happened and there were many conferences spreading crypto awareness. Bitcoin's price reached $8k and hype for cryptocurrencies seems to be everywhere. Sentiment on Twitter and the media seems mostly positive, possibly indicating a bull-run.
Seeing that Binance is one of the world's largest exchanges by volume, opening deposits and withdrawals can cause 2 outcomes. It could hypothetically cause the market to rise meteorically due to the hype. Another option is that it could stop the bull-run in its tracks as some might want to take profits from Bitcoin's rise. The first option seems more likely though, due to public sentiment.
Binance CEO, CZ has just moments ago taken to Twitter to announce the return of withdrawals. This means that the exchange is once again fully functional. As per the announcement:
"Withdrawals are open for most tokens, the balance will be open shortly.
A new requirement to be logged in while confirming the withdrawal mail was added. It caused a small conflict while using the app so it will be rolled back shortly."
While Binance's return to activity will possibly have an affect on the value of Bitcoin, it will certainly affect BNB. Binance's native coin will most likely gain in value and market cap. Since the announcement BNB gained roughly 5%. All things considered this is a great way to end New York Blockchain Week.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado