Binance Trading Halt. Binance, one of the largest cryptocurrency exchanges, halted trading yesterday due to temporary “system maintenance.” Its system upgrades have come as a complete surprise to all of its users as they were given no prior warning. Many took to Twitter (NASDAQ:TWTR) and expressed their anger towards the exchange. The timing of the upgrade from the multi-million dollar exchange wasn’t the best, as cryptocurrencies had just begun to crawl their way back.
The upgrade originally was only supposed to be temporary and only some users were set to be affected. However, the team ran into server issues where the data became out of sync. Due to the large size of the data, it is said to take several hours more. However, no data has been lost – no need to worry. Progress is steady, and the exchange is set to resume at 4 AM UTC tomorrow. The cryptocurrency market is expected to resume double-digit percentage gains tomorrow, just as we saw yesterday.
Most of the top ten coins have slightly corrected since yesterday, as most were in double-digit gains.
Bitcoin Cash (BCH) is leading the group, up 30% for the day. However, Bitcoin (BTC) is seeing some green and is making the slow charge towards $10,000.
Currently, BTC is trading at $8,376.21 a coin, up 2.72%.
EOS (EOS) is another coin slightly up in the top ten. Currently, it is trading at $8.43 a coin, up 2.85%, in 24 hours.
IOTA (MIOTA) is trading at $1.81 a coin, up 2.64%.
Monero (XMR) wasn’t affected by the Binance freeze and is currently up 10.81%, trading at $250.55 a coin.
Do we all remember the CoinMarketCap debacle a few weeks ago? Is this a new theme in the crypto market – keep investors in the dark? I can understand the emergency issue when Coinbase and GDAX had to emergency upgrade because the high influx of investors was too much for their systems to handle but something has got to give. Communicate. Luckily, it hasn’t rocked the market as many of these others have done in the past but let us learn from our mistakes.
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Featured Image: Twitter