South Korean cryptocurrency exchange Bithumb has alerted users to delays in XRP withdrawals following a sudden surge in transaction volumes.
In a recent statement, Bithumb disclosed that the unexpected rise in Ripple (XRP) withdrawal requests had caused longer-than-usual processing times. The exchange assured users that withdrawals are being handled on a first-come, first-served basis while efforts to resolve the issue are underway.
“Due to the increase in Ripple XRP withdrawal volume, it is temporarily taking time for the withdrawal to complete,”
Bithumb explained while pledging to restore normal operations soon.
The delays come at a time when heightened market volatility is influencing crypto transactions. The exchange has urged its users to remain patient and stay updated through its official channels as the situation unfolds.
Bithumb’s announcement also highlights a broader trend, with users across various platforms experiencing similar disruptions amidst ongoing market declines. In October, veteran trader Peter Brandt sounded the alarm on Bitcoin, suggesting a potential price decline. Brandt informed his 740,000 followers that Bitcoin appears to be forming what he calls the “infamous Three Blind Mice and a Piece of Cheese” trading pattern.
Technical analysts from Morpher’s trading platform have weighed in, explaining that the “three blind mice” pattern is generally interpreted as a continuation pattern. This suggests that Bitcoin’s price movement will likely continue in the same direction indicated by the pattern, raising concerns about a potential downward trend.
In another significant development, Bithumb announced it would terminate trading support for Radiant Capital’s RDNT token due to unresolved security issues, following a directive from the Digital Asset Exchange Association (DAXA). This decision comes after Radiant Capital failed to adequately address a recent $50 million security breach and did not meet the necessary expectations set by DAXA. Bithumb stated that delisting RDNT is essential for safeguarding investors and upholding industry standards.
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