Binance Undergoes ‘Maintenance’ – Will Crypto Prices Dump?

Binance Undergoes ‘Maintenance’ – Will Crypto Prices Dump?

Funds are #SAFU. No need to panic. — CZ Binance (@cz_binance) February 19, 2020

In fact, this time around, it is the spot exchange that is affected by the issue. Futures traders who were caught in positions and REKT over the weekend due to “performance issues” were luckily unscathed. The reason for this, CZ clarified, is that Binance futures has a “separate matching engine.” However calm traders are meant to be, Binance maintenance will likely affect crypto prices. The question is how exactly. The sudden pause on trading on Binance happened to coincide with a fresh minting of 60M tether. Perfect timing or an uncanny coincidence? Did Binance run out of tether? Are crypto prices about to pump? Or are we in for a temporary crypto crash?

The slew of comments below the Whale Alert tweet seems to suggest that many people believe a huge pump is about to begin. But should traders be on their guard?

pic.twitter.com/jcXU0GoUfi — Tomasz (@Tomasz99469827) February 19, 2020

Top Trader Calls for Caution Whether Jacob Canfield noticed the fresh round of USDT being minted or not, TradingView’s number 1 BTC trader is calling for caution. Binance temporarily being out of action could cause a “slight dip” with a “pump on small cap altcoins,” he said. This is typical of crypto markets after unexpected maintenance like this. Canfield warned: Trade safe

Binance is temporarily down for maintenance. Care for your positions. We sometimes see a slight dip with a pump on small cap altcoins after these unexpected maintenances. Trade safe. — Jacob Canfield (@JacobCanfield) February 19, 2020

The man at the top assures that trading should resume shortly. In an earlier tweet, he had said: “accurate ETAs are hard to give”. He also added that there was “no need to refresh constantly” to see if trading had begun as the exchange would let its users know.

There’s definitely no need to keep refreshing the Binance page when you can just keep your eyes on its CEO’s Twitter feed. The latest news is that Binance will “waive everyone’s margin interests for today.” So, that’s some compensation for moving the market… But traders taking out large positions, be sure you don’t get REKT. What do you make of Binance’s latest unscheduled maintenance? Add your thoughts below!

Images via Shutterstock, Twitter @cz_binance @jacobcanfield @Whale_Alert

 

source: https://bitcoinist.com/binance-undergoes-maintenance-will-crypto-prices-dump/

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