Bitcoin Tumbles , As Binance Pauses Withdrawals.
Bitcoin fell over 3.8%, its lowest point in nearly
two weeks, on May 8, MarketWatch reports.
The losses come as Binance paused bitcoin withdrawals two times over the weekend.
The largest crypto exchange said the withdrawals were paused because of
too many pending transactions.
There is a large volume of withdrawal transactions from Binance still pending as our set fees did not anticipate the recent surge in $BTC network gas fees, Binance, via Twitter.
Withdrawals have since resumed, Binance said. .
While Bitcoin is down nearly 60%
compared to its highest level ever in 2021.
it's still up more than 70% this year.
On May 8, BTCUSD fell as low as $27,650.
David Tawil, president of ProChain Capital, says actions
by regulators, debt ceiling issues and a looming recession may all potentially impact bitcoin's volatility in the future