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Binance Halting Trades, Deposits and Withdrawals in System Upgrade

Binance Hack System Upgrade 2019

Leading cryptocurrency exchange Binance will be undergoing a system upgrade starting at 11PM EST.

According to the post published on the official exchange website, Binance will be suspending trades, deposits and withdrawals during the planned maintenance, which will take approximately 6-8 hours. In the update Binance states that deposits not finished by the start of the update will be forced to wait until the process is over,

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.

Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.

We apologize for any inconvenience caused, and thank you for your patience.

Changpeng Zhao, the affable and popular CEO for the cryptocurrency exchange also took to Twitter to announce the update. In addition to providing the start time, he also claimed that the company would continue with its regular process of updating users every 2 hours on the progress of the upgrade,

Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! 🙏🙏🙏

During trading halt, we will update no less than every 2 hours, as per usual.

Binance has been at the center of both trader and investor concern following a hack that stole over 7,000 BTC from the exchange’s hot wallet, worth $54 million following the most recent price rally. While Binance reports that their SAFU Fund will cover the expenses lost, investors were wary of the high-profile nature of the hack. After months of outpacing the market, the price of Binance Coin fell sharply before recouping losses over the weekend’s bullish run.

The upgrades comes on the heels of a cooling in the general crypto markets, with the price of BTC slipping to $7800 after scorching to new levels over the weekend. The entire market capitalization of cryptocurrency gained $20 billion in 24 hours, with analysts adjusting their price outlook for BTC in a substantial turnaround for the market.

However, Binance is still recovering from the wake of the hack, with tonight’s upgrade likely in response. Changpeng Zhao and his team have been careful to update traders without compromising any unnecessary information, which the CEO claimed the hackers could use to further evade the exchange’s security.

Some community members are skeptical of the update, and fear it may be related to further losses or breaches in security other than what Binance has publicly released. While the exchange has been fairly transparent in their handling of the theft, initial reports were startling in the extent of user data that was potentially uncovered during the security breach. However, others have voiced their approval of CZ and his team, claiming that the open communication with traders has been a welcome change compared to how other exchange’s have operated in the wake of a hack.

The post Binance Halting Trades, Deposits and Withdrawals in System Upgrade appeared first on Ethereum World News.

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Bitcoin Price Breaks Through Key $6,000 Mark, McAfee Offers Help to Binance’s CZ

On May 8, Bitcoin got over the crucial $6,000 level of resistance. Analysts believe this will bring investors further gains by letting BTC rise even higher

On Wednesday, Bitcoin price finally overcame the key resistance mark at $6,000, as per CoinMarkerCap data.

In its recent article, Forbes reveals the opinions of several analysts who say that if Bitcoin can get fixed above $6,000, it may go on to rise further and bring higher gains to investors.

Bitcoin is giving a hope for further market rise: analysts

Forbes has spoken to several crypto analysts,
one of them is John Todaro from TradeBlock. This expert considers the $6,000
mark to be a key level for BTC. He says that despite the recent rebound of the
Bitcoin price due to the Tether-Bitfinex situation, Bitcoin has found resources
to pass this major point on charts.

“Just yesterday we saw bitcoin prices rebound quite quickly after it was revealed that $40 million in bitcoin was stolen from wallets belonging to Binance in an exchange attack.” 

Todaro is positive that now Bitcoin price will
keep going forward.

The managing director of Digital Capital
Management, Tim Enneking, has mentioned the $6,000 level as a hard one to take.
However, he added, should Bitcoin overcome this major resistance point, it will
almost certainly continue appreciating.

Jeff Dorman, head of investment in Arca, has
also described the aforementioned resistance level as a key one, after passing
which Bitcoin may show fast and substantial gains.

Binance CZ’s decision may have pushed BTC price high

On May 8, the Internet and social media were boiling with discussions of another major event that took place, alas, a sad one. Binance exchange lost 7,000 BTC in a security breach attack, which is around $40 mln.

As an option to save the situation, the CEO, Changpeng Zhao (CZ), suggested miners conduct a rollback on Bitcoin network to recover the stolen funds. However, later on, CZ gave up on that idea. Probably held back by the strong negative response from the community, who did not want another Bitcoin chain split to occur.

Anyway, the fact that the Bitcoin chain remained intact may have helped BTC price to take the last step in passing the crucial resistance at $6,000.

McAfee steps in to offer CZ help

Also, on Wednesday, the well-known John McAfee tweeted that he is willing to offer his skills in the cybersecurity sphere to CZ so Binance can analyze the recent hackers’ attack and make sure it does not happen in the future. He also urged the head of the Russia-based Kaspersky Lab, Eugene Kaspersky, to join him on this.

Changpeng Zhao replied that he would contact McAfee in DM.

The post Bitcoin Price Breaks Through Key $6,000 Mark, McAfee Offers Help to Binance’s CZ appeared first on Ethereum World News.

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Are Cryptocurrency Exchanges Hurting the Industry?

Cryptocurrency Exchanges–Crypto-based trading platforms have found their way into headlines with increasing frequency throughout the past several weeks.

It began with The Daily Mail reporting on Ben Delo, co-founder of cryptocurrency exchange BitMex, as Britain’s youngest self-made billionaire and the United Kingdom’s first “bitcoin billionaire.”

Binance, the world’s top crypto trading portal by daily volume, grabbed headlines in an interview with Bloomberg, when founder Changpeng Zhao claimed 2018 revenue had already eclipsed 300 million USD, and the exchange was on pace to turn a profit of 500 million to 1 billion USD. With all of the money flowing out of the market capitalization of cryptocurrency during this bear market, the eyebrow raising gains of crypto exchanges has caused more than one investor and industry leader to take note of the money to be made.

Vitalik Buterin, founder of second overall cryptocurrency by market cap Ethereum, threw down the gauntlet two days ago in an interview with TechCrunch, when he stated in no uncertain terms that the state of crypto-based exchanges had caught his ire,

“I definitely personally hope centralized exchanges burn in hell as much as possible.”

In particular, Buterin finds fault with the 10 – 15 million USD fee imposed on cryptocurrency projects looking to be listed on popular exchanges. For example, a new coin that wishes to be listed on Binance’s top-ranked platform must first shell out an enormous amount of money to have that accessibility–development funds that are supposed to be used in improving the coin’s technology, not increasing it’s exchange availability. Alas, the pay-to-play model imposed by most exchanges has created centralized gatekeepers akin to those found in the traditional world of fiat.

While the alternative would be sole decentralized exchanges, where buyers and sellers engage in an open market of direct trading with no intermediaries, the landscape is still in its infancy. Many in the community have taken up Buterin’s rallying call, expressing their anger with the state of cryptocurrency and its heavy emphasis on the power of exchanges.

So, have cryptocurrency exchanges started to do more harm for the industry than good?

It depends on how you view the purpose of cryptocurrency.

A significant number of investors in cryptocurrency are solely that–traders looking to capitalize and make money through an emerging market. For this class of crypto user, exchanges offer the sole purpose and portal to accomplishing their goal, and provide significant advantages over the traditional market: miniscule fees (compared to stock brokers), 24/7 trading and a wide variety of assets to speculate on.

Particularly with the media emphasis on crypto and Bitcoin-based price movement, with CNBC regularly publishing the daily volatility of crypto to its largely removed audience, enthusiasts of the technology have to accept that a large market share is comprised of traders with no interest in learning about the underlying asset. Profit, or at least the promise of profit, is the primary motivator for this group, and they will continue to champion exchanges as the arbiter of their speculation.

But therein lies the problem most community members find with the present state of crypto-based exchanges: the emphasis is entirely on price as opposed to the advancement of technology.

In addition, the process of adoption for cryptocurrency becomes bastardized through the myopic lens of centralized exchanges. Communities, particularly for smaller projects and up-and-coming coins, rally around being listed on new exchanges as a way to gain exposure, rather than focusing on the real adoption of user driven problem solving and real-world use cases. The result is empty scaffolding that leads to the uncertain landscape of the current industry. Coins are pumped to billion dollar valuations through speculation alone, all driven through the back and forth actions of investors on exchanges. Yes, this plows capital into currencies, increasing the development budget of projects in addition to drawing more media attention.

But it also creates the appearance of the “bubble” that has become vogue to bandy about by entrenched Wall Street players. It is hard not to draw comparisons between cryptocurrency, in its present form, and the bubble that started the new millenium. Decentralized exchanges may not dampen the speculative driven growth, and they certainly do not provide the user-friendly approach of current exchanges, but it does give the process of cryptocurrency use more legitimacy. Trading crypto for crypto, through direct market tunnels as opposed to intermediaries, symbolizes what decentralized money is capable of and how it can differentiate from fiat.

Cryptocurrency exchanges provide the most simplistic solution for giving people, particularly newcomers to the industry, accessibility to their cryptocurrency of choice. But so long as exchanges partake in centralized efforts, they signal to the community of cryptocurrency that their existence is to profit from the industry–whatever the cost may be. Exchanges, like all companies, have a right to pursue profits. But cryptocurrency communities should keep in mind that clamoring for exchange driven growth is prioritizing market cap today in lieu of real adoption.