In the last 24 hours, Ethereum unhanded 27.1% of its market price. To make things worse for Ethereum traders, Binance doubled the ETH withdrawal fee. At 4:04 am UTC, Binance CEO, Changpeng Zhao (CZ) tweeted about the tariff raise and infuriated the platform users.
Almost four hours before this announcement, CZ had tweeted about ETH network congestion issues. At that time the average time for ETH transaction confirmations was hovering close to 2680 seconds (44 minutes). And the Gas price (gwei) was 110.
It did happen
According to the on-chain analyzer glassnode, the median gas price crossed 29 gwei. And this is the highest for the last one year.
#Ethereum's price drop has lead to massive network congestion. $ETH median gas price just spiked to 29 gwei – the highest it's been in over 1 year.https://t.co/RnoIRxrdkG pic.twitter.com/KpOEfpWGWe
— glassnode (@glassnode) March 12, 2020
As is evident, the market is in a state of panic. Seemingly, the traders and investors are trying to send ETH faster to allay the impact of dropping prices. Resulting in a congested ETH network.
Questioning Binance’s Decentralization
The community did not take the fee hike well. They severely criticized Binance for deviating from its decentralized vision. And the anger was evident in the comments.
Meanwhile, CZ continues questioning Fed injecting $1.5 trillion to calm the investors of traditional markets. But he seems to be failing to notice the issues with the Binance platform.
Suspended withdrawals
Binance users have been facing withdrawal suspensions for quite a long time. If they fail to address these issues when the market is at its worse, the users might lose the trust you.
Users have reported withdrawal suspensions for coins like BTC, ETH, ADA, COS, USDT, IOTA, and LINK.
Cannot witdraw my linkies. Withdrawal suspended. Why???
— Abba 🦆LINK🦆 🇸🇰 (@AbbaLINKDavid) March 12, 2020
Order Book Freezing
In the highly volatile market, the Binance Order Book is still not in control. The traders are complaining the order book freezes as soon as BTC touches $5,600. Does this indicate some manipulation or a technical glitch?
As soon as $BTC hits 5.6 @binance order book freezes again. 😑
— scape1 (@scape1) March 13, 2020
Leverage in this market
Some of the Binance users are condemning Binance supporting 100X margin trading in this highly volatile market. And the traders are complaining about experiencing non-smooth margin trading over Binance leading to further losses.
ETHBULL looks scammy
A trader reported an unseen glitch in Spot trading using Binance. According to the screenshots shared, when ETH is at $140, ETHBULL is $471. On the contrary, when ETH is $142, the ETHBULL is $203.
Which kind of cheating it is?Could you please explain Mr??
When ETH 140$ ETHBULL 471$ but
When ETH 142$ ETHBULL 203$???
Which kind of shit going on? pic.twitter.com/VqMw8ARvVV— [email protected] (@coinmonstero) March 12, 2020
It seems Binance is facing more issues than just the crypto meltdown. Previously, we reported multiple unscheduled Binance platform maintenance.
