<a href="https://www.binance.com/en">Binance</a> has halted BTC withdrawals on its platform. They claim that stuck transactions are the reason behind this temporary halt as they are causing a backlog.

https://twitter.com/binance/status/1536322033222664194?t=6q9ATsGAsI2njCWPP_xFlQ&amp;s=19
<h2>Why Has Binance Halted BTC Withdrawals?</h2>
As of now, withdrawals of BTC from Binance are unavailable on the Bitcoin network. Other networks allow you to cash out BTC. An on-chain transaction is to blame for this issue. The blocked batch of transactions affects only Bitcoin. The Binance team is working to restore BTC withdrawals on Ethereum and BNB Chain. Changpeng Zhao initially stated in a tweet that the team would be resolving the problem in 30 minutes. But, he soon tweeted again saying that it might take longer than what he'd previously expected.<span style="font-weight: 400"> </span>

[embed]https://twitter.com/cz_binance/status/1536323261193236481[/embed]

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The latest development comes as BTC fell by over 10% on Monday. It fell below <a href="https://www.cryptoknowmics.com/news/btc-technical-analysis-strategic-defeat-of-sellers-around-29000/">$24K</a>, reaching its lowest level since December 2020. BTC has lost 15% of its value, plunging below $24K, as the crypto industry lost $200B over the weekend.
<h2>BTC Declines By 15%</h2>
The lowest BTC has fallen since December 2020, when it fell below $24K more broadly due to a sell-off in risk markets. Furthermore, Celsius has halted its clients' withdrawals, raising worries of a market-wide meltdown. The Federal Reserve will raise interest rates this week to curb price inflation. It weighs on the cryptocurrency markets.

Binance Temporarily Halts BTC Withdrawals

According to a post on Binance's Twitter account, Binance temporarily halts BTC withdrawals. They made this post a few minutes after Changpeng Zhao’s tweet.

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Binance Temporarily Halts BTC Withdrawals

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