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Binance’s CZ informs customers about resumption of deposit, withdrawal services

Namrata Shukla



Binance's CZ informs customers about resuming deposit and withdrawal services
Source: Pixabay

Binance had pledged to increase the quality of its security after the May 7 hack, wherein 7,000 Bitcoins [BTC] were stolen from the exchange’s hot wallet. However, the customers can take a sigh of relief as the CEO of Binance, Changpeng Zhao, informed that withdrawals and deposits services would be restarted early next week.

Twitter user @CryptoVanessa asked:

“Hey @cz_binance how long till the deposite/withdraw suspend is over ? @binance #Binance”

CZ informed the user that his team is aiming to start the services by early next week and added:

“We are aiming for early part of next week, better safe than sorry this time. Please bare with us. Your understanding is much appreciated. 🙏🙏🙏”

With the largest cryptocurrency Bitcoin [BTC] soaring almost every day and aiming to cross $7k, the users are anxious to get better returns and deposit more BTC. One of the Twitter users asked the CEO to hurry up the process in order to deposit BTC and the CEO replied:

“working on it, day and night.”

Binance, the largest cryptocurrency exchange was believed to be safe and CZ had time and again bragged about its security until they were hacked. Post the hack, the company promised its customers to ‘significantly revamp’ their security, procedures, and practices. The CEO said:

“significant changes to the API, 2FA, and withdrawal validation areas, which was an area exploited by hackers during this incident.”

Post the hack, Binance Coin had been falling, however, the pump of BTC saved the coin from going into a slump. BNB was valued at $20.52 with a market cap of $2.89 billion, at press time. The 24-hour trading volume of the coin was reported to be $234.74 million as it reported a fall by 10.51% over the past week. The coin made some recovery as it managed to register 6.03% growth in the past day and 1.09% within an hour.

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Bitcoin [BTC]: Don’t buy BTC at the top, buy it right now, says CNBC’s Brian Kelly

Akash Anand



Bitcoin [BTC]: 'Don't buy BTC at the top, buy it right now', says CNBC's Brian Kellyq
Source: Pixabay

Bitcoin’s [BTC] rapid movement on the cryptocurrency charts revitalized an industry which was touted to be dead and buried in early 2019. The events over the past few weeks have not only increased the value of Bitcoin, but have also assisted in raising the collective market cap and the prices of other cryptocurrencies.

Giving more insight into this market movement was CNBC’s Brian Kelly, who touched upon the price fluctuations, as well as where the world’s largest cryptocurrency can go from here. The Bitcoin baller claimed that the 100 percent bounce back from Bitcoin’s lows was a great incentive for new investors. It also provided a reprieve for existing players in the market. Kelly claimed,

“Investors are wondering what the next market driver could be and in my opinion there are a couple of things. First of all we are starting to see the institutional players get into the field, evidenced by the entry of Fidelity and other such companies. Even the retail perspective is huge, with TD Ameritrade investing in Eris X with sources claiming that the organization will open BTC trade for customers in the  next three to six months.”

Kelly also spoke about how the market was entering a phase of a supply cut, where the supply of Bitcoin gets cut in the overall spectrum of the market. According to him, there is generally a price rally a year into the rise and a year out of it, and the combination of the supply cut and the rise in demand will be beneficial to Bitcoin’s price.

The CNBC official was also careful to inform holders and investors that while the price is holding at this point, people need to be careful since the market might be in the mood for a reversal. He warned,

“Do not buy it at the top but rather buy it now.”

At the time of writing, Bitcoin was trading at $7943.23, with a total market cap of $140.712 billion. The 24-hour market volume was holding at $24.816 billion and the BTC market was moving up by 0.45%.

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