Binance technical issues inflict losses to traders

Binance experienced lags on webpages that resulted in substantial losses for some traders.
The Binance CEO confirmed that the issues had been caused by high trading volumes.

Tanya Abrosimova Independent Analyst

Extreme lags on Binance webpages have caused losses for several cryptocurrency traders and angered the community. At least five traders reported substantial losses caused by the delays in trade settlement and balance syncing,

The CEO of the exchange Changpeng Zhao confirmed the technical issues in his Twitter account and said that the tech team was working on them. He explained the problem by extraordinary high trading volumes registered on the exchange.

"We are seeing much higher order volumes (number of orders) than Dec 2017/Jan 2018 (the peak). Trade (not order) volume in USD is 1/3 of the peak, but BTC price is 1/3 and ETH price is only 1/5 of the last peak, most other main alt prices are even lower," he tweeted.

It is worth noting, that regular users that make trades manually experienced the delays, while API users, bots and trading software were not affected.

Changpeng Zhao has yet to explain how the exchange will handle the unintended losses incurred by traders, but the amounts pale in comparison with the amounts lost in recent security breach incident.

Binance backlogs coincided with large market movements. Bitcoin and major altcoins came under selling pressure during late US trading hours on Wednesday. The downside momentum has faded away in Asina on Thursday, but the market is still deep in the red.

Author

Tanya Abrosimova

Independent Analyst

Cardano: Under pressure as bearish derivatives cap recovery

Cardano remains under pressure, trading lower at $0.165 on Monday after mild losses in the previous week. Weakening derivatives metrics and subdued momentum indicators suggest that ADA's upside move remains limited, keeping downside risks in focus. Derivatives data for Cardano shows bearish sentiment among traders.

Bitcoin holds firm at $65,000 – AAVE and ONDO gain traction

The broader cryptocurrency market risk-off sentiment eases as the US and Iran extend the pause in missile strikes, while Oman holds peace talks. Bitcoin holds firm above $65,000 on Monday, while DeFi tokens, including Aave and Ondo, emerge as top performers over the last 24 hours.

Bitcoin extends winning streak, Ethereum clears key hurdle, XRP steadies

Bitcoin, Ethereum and Ripple begin the week on a firm footing after surging over 1%, 4% and 1%, respectively, in the previous week. BTC holds above key technical resistance after recording its fourth consecutive weekly gain.

World Foundation raises over $52M in token sale as World Network marks third anniversary

World Foundation, the nonprofit organization behind World Network, has raised $52.5 million through a strategic sale of its WLD token as the project marks three years since its mainnet launch. The funding round was led by Pantera Capital and included participation from Bain Capital Crypto, Eightco Holdings, Selini Capital, Susquehanna Crypto and other investors.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.