Binance, the world’s largest cryptocurrency exchange, has re-opened bitcoin (BTC) withdrawals after a 1-hour suspension, the latest data on May 7 shows.
Binance halts BTC withdrawals
Binance said they were halting withdrawals on the Bitcoin network due to what they describe as “severe congestion”.
Bitcoin adoption has picked up the pace recently as investors acquire more of the leading crypto asset.
With several market analysts giving their takes on the key driver behind this renewed surge, MicroStrategy’s former CEO, Michael Saylor, recently expressed his view on the matter.
Inflation and Counterparty Risks Drive Bitcoin Adoption
In a recent CNBC interview, Saylor noted that two dynamics are pushing the broad adoption of Bitcoin. He revealed that the first one is the concern about inflation.
The memecoin’s price rose by 40% after Binance.US opened FLOKI/USD and FLOKI/USDT trading pairs.
The price of the popular meme-inspired cryptocurrency – FLOKI – has soared by more than 40% in the past 24 hours.
The surge happened shortly after the American subsidiary of Binance – Binance.US – listed the asset on its platform.
G Dragon’s NFT collection
NFT continues to gain applications and adoptions from many significant celebrities. One of the latest is G Dragon, whose NFT collection sold out soon after the sale began.
The pop artist Kwon Ji-yong (G-Dragon), based in South Korea, recently launched an NFT collection termed PEACEMINUSONE NFT collection Archive 2016. The love affair between G Dragon and NFT was first mentioned early this year.
SocGen Forge also revealed plans to have the stablecoin listed on digital asset exchanges in the coming months.
Societe Generale’s crypto arm – SG Forge – has announced the launch of a stablecoin pegged to the euro on Ethereum, dubbed EUR CoinVertible.
The latest offering will be accessible to only those institutional investors qualified on the basis of Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures.
The upgrade pushed ETH’s price to the highest level since May 2022.
Ethereum successfully implemented a long-awaited tech upgrade on April 12.
Also known as Shapella – this upgrade enabled withdrawals for the first time from the proof-of-stake blockchain.
A week later, the amount of staked Ether has now exceeded the number of ETH being withdrawn for the very first time.
In a recent tweet, a prominent trader who goes by “Tree of Alpha” indicated that a favorable ruling about the status of XRP in the SEC lawsuit against Ripple would be the most important news for cryptocurrency traders.
The world's largest crypto briefly rose above $70,000 Friday, but immediately tumbled about 5% to below $67,000 It's deja vu all ove...
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