Bitcoin fell below $21,000 immediately after the CEO of Binance announced the suspension of operations
The cryptocurrency lending platform Celsius Networks LLC and the cryptocurrency exchange Binance have had accidents one after another.

Binance suddenly suspended users from withdrawing cryptocurrency due to the "blocked transaction" relationship, but it has returned to normal after a few hours of rescue. The news caused volatility in the cryptocurrency market, with Bitcoin falling below $21,000.

The founder and CEO of Binance, Changpeng Zhao, tweeted that the platform was facing a backlog of Bitcoin withdrawals due to a certain transaction, so it could only suspend operations, but it is believed that it can be resumed within 30 minutes. He also emphasized that the funds have been protected by the "Investor Protection Fund" (SAFU), and users will not suffer losses.

However, Binance others said on their official Twitter that the suspension of withdrawals will be extended for 3 hours, but this situation only affects Bitcoin network withdrawals. Users can still withdraw currency normally through other networks such as BEP-20, and deposits will not be affected.

Binance also explained that due to the low TX (TransferCoin) fee, a batch of Bitcoin transactions were blocked, resulting in a backlog of Bitcoin network withdrawals.

Celsius said through its official blog that due to extreme market conditions, it has suspended allowing users to withdraw, exchange and transfer funds between accounts, saying that this is a necessary action to stabilize liquidity and operations. At the same time, companies are trying to preserve and protect assets.

According to the Coinbase website , Bitcoin once fell to $20,816.40 at 10 am today (14th), the lowest level since December 2020. As of now, Bitcoin has gradually recovered to $22,905.


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