Binance Resumes Spot Trading After Brief Halt Due to Technical Issue
- The pause coincided with an 11% decline in shares for Deutsche Bank.
- More than 60% of all cryptocurrency spot trading takes place on Binance.
Binance, one of the most prominent cryptocurrency exchanges, has announced that it has finished a brief period of system maintenance and that trading has resumed as usual. Earlier on Friday, the exchange said that it would temporarily halt all spot trading on the platform. Resolving an issue is expected to take between 30 and 120 minutes, according to earlier reports. CEO CZ of the exchange has confirmed the news, stating that all funds are secure.
The pause coincided with an 11% decline in shares for Deutsche Bank, a German multinational investment bank. In the meantime, the crypto market is showing signs of strength as token prices have been relatively stable recently. Yet, the drop in Bitcoin price below the $28,000 mark occurred simultaneously with the Binance trade stoppage.
Users Funds are SAFU
The exchange explained to worried traders that the spot trading halt occurred because the matching engine detected an error with a trailing stop order. The exchange reported that the system upgrade was finished in their most recent update.
More than 60% of all cryptocurrency spot trading takes place on Binance. Because of zero fees, its share of Bitcoin spot volume has grown to above 90% in recent quarters, according to Arcane Research.
As Binance CEO Changpeng Zhao (CZ) has noted, the preliminary investigation points to a problem with the trailing stop order in the matching engine. He emphasized that the time to recuperation was calculated to be between 30 and 120 minutes. And as per the latest update from Binance, the issue has been fixed.
Recommended For You:
