Binance, the world’s largest crypto exchange, has announced the temporary suspension of all withdrawals to the Solana (SOL) network. This decision was made due to increased transaction volumes, with the exchange expecting normal operations to resume by March 9, 2024.
Other major exchanges, including Coinbase, Kraken, and Bybit, have also experienced similar issues as the crypto market rallied and Bitcoin reached a new all-time high on Tuesday.
As Binance works on optimizing its operations and providing a stable long-term solution, they have identified March 9 as the estimated implementation date.
The news of Binance’s suspension of SOL withdrawals caused a drop in the altcoin’s price, with it reaching lows of $117. However, as the broader crypto market bounced back alongside Bitcoin, SOL has since risen back above $130 and is looking to retest recent highs above $140.
As for the rest of the crypto market, Bitcoin is currently trading above $67,000, back to winning ways after a sharp drop from its new all-time high of $69,000 on Tuesday.
In addition to Binance, other exchanges have reported increased transaction traffic and issues, highlighting the market’s volatility and the need for a stable and efficient infrastructure.
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