Bitcoin Drops Below $28K as Binance Announced Temporary Spot Trading Suspension

Although the team said they are working on resolving the issue, bitcoin's price dipped immediately by nearly a grand.

• Binance took it to Twitter to outline the platform issues, which impacted the spot trading features. The company said it suspended such trading while working on a solution.
• An update from CEO Changpeng Zhao (CZ) shed some more light on the potential nature of the problem.

Initial analysis indicates matching engine encountered a bug on a trailing stop order (a weird one). Recovering. Est 30-120 min ish. Waiting for more precise ETA.

Deposits & withdrawals are paused as a SOP (standard operating procedure). Funds are #SAFU. 🙏 https://t.co/mvtGQ3JlMA

— CZ 🔶 Binance (@cz_binance) March 24, 2023

• Despite the assurances from the Binance team that they are working to resolve this, BTC, and the rest of the crypto market, reacted with immediate price drops.
• The largest digital assets fell by $700 to $27,500. Ethereum dropped from over $1,800 to $1,750 in minutes.
• OKX, another crypto giant, recently went through a similar outage, which was related to some of its servers.

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