Binance, a major trading platform, has also suspended Bitcoin withdrawals in the face of these plummeting crypto prices. At 8 a.m. ET, Binance CEO Changpeng Zhao announced the freeze, citing “a blocked transaction producing a backlog.” He initially stated that the pause will be fixed in about 30 minutes, but subsequently stated, “Likely this is going to take a bit longer to correct than my initial estimate.”
According to CNBC, the price of shares of the crypto trading platform Coinbase, which had already declared a recruiting freeze and canceled accepted employment offers, plunged by 20% before markets started on Monday morning. Its share price has dropped by 76% in the last year.
