Volatile market conditions and withdrawal pauses in cryptocurrencies
Hello dear readers and followers, this time I will expose my views on the pauses in cryptocurrency withdrawals, a practice that has been gaining strength since the current bear market began, the truth is that this type of expertise adopted by the exchanges to pause withdrawals in cryptocurrencies is something that somehow affects the credibility of the economic and financial structure of the crypto world.
There is no doubt that pausing cryptocurrency withdrawals affects the credibility of the economic and financial structure of the cryptocurrency market, since it creates excessive distrust among investors and traders, who, not finding a guarantee and availability of their cryptocurrencies, end up distrusting the market.
In recent months platforms such as Celsius paused cryptocurrency withdrawals, and other platforms joined this unfortunate action claiming that the volatile market conditions prevent them from the normal operation of the services provided by their exchanges.
Adding to this unhealthy practice was cryptocurrency exchange Zipmex, which earlier this week prevented its user pool from taking direct custody of its cryptocurrencies citing volatile market conditions.
Specifically cryptocurrency exchange Zipmex announced on its Twitter account the following; "Due to a combination of circumstances beyond our control, including volatile market conditions and the resulting financial difficulties of our key trading partners, in order to maintain the integrity of our platform, we would pause withdrawals until further notice."
At the end of the week Zipmex reactivated cryptocurrency withdrawals leaving doubts about the real reasons that led it to initially block withdrawals.
Decisions like these made by Zipmex is a recurring practice that several platforms have been taking in recent weeks, blaming the market turbulence and the resulting counterparty risks, an action that in my opinion creates unfavorable conditions for the health of the cryptocurrency market.
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The cover image was designed by the author: @lupafilotaxia, incorporating image: Es.Blogtienao
You're very correct. This practice of pausing withdrawals at anytime they choose, makes investors very distrusting and fearful. And overall, this gives a very negative impression of the crypto world for big investors. Thanks for sharing!
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Hello @humor0404
It certainly gives a very negative impression, hopefully these situations will diminish as time goes by.
Best regards, be well.
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Hi @lupafilotaxia, this is somewhat concerning, especially with how consistently it is manifesting itself in several exchanges. And it clearly generates a lot of distrust.
I think keeping our assets in Wallets like metamask is much safer, even Binance or Coinbase are no longer trusted by me.
Because they are centralized and at any time they could block funds and that's it, it's that simple. This is very bad.
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Hi @josevas217
That's right, this whole situation generates a lot of distrust inside and outside the cryptocurrency market.
Best regards, be well.
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Hello friend
these days crypto market is not going through a good time and it's like a rollercoaster ride where it was below 19,000 U.S. dollar for a few days and it again went back to 24,000 U.S. dollar but now it is in made-up both but we do not know how it will behave in coming days. In my opinion, it's not going to touch the 30,000 mark this month at least or even maybe next couple of weeks so let's see how it behaves in the coming weeks.
@tipu curate
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Upvoted 👌 (Mana: 1/6) Get profit votes with @tipU :)
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Hello @alokkumar121
I agree with you, before going up to $30,000 it will first make a new correction.
Best regards, be well.
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Fear is free, as long as it is said that there is a bearish trend, fear will surely remain, but those who are attentive to the cryptocurrency market have observed that in reality the trend is low but anchored with low prices, for some time now no more falls have been observed. prices, but there is no tendency for prices to recover in the coming days.
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Hi @gustavomory2
Correct there are no indications that prices will recover in the coming days, but still we must be alert to any unexpected situation as the market has already accustomed us to show.
Best regards, be well.
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Hi
This is the sad reality of crypto. Perhaps triggered by platforms that indulge in leveraged trade.
Maybe we need to keep clear of such platforms for the time being.
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Hi @thetimetravelerz
Excessive leverage within the cryptocurrency market is getting somewhat out of control, and this no doubt, negatively impacts the health of the overall market.
Best regards, be well.
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