Binance Announces 8-Hour System Upgrade, Many Remain Concerned of Potential Market Drops
On Sunday, March 10, crypto exchange, Binance revealed that a system upgrade has been scheduled for Tuesday, March 12 (https://support.binance.com/hc/en-us/articles/360024825992). Here’s what the team has since advised:
“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.”
Since the announcement was made, many crypto fanatics have been hesitant. The main reason being the fact that the proposed upgrade will take approximately eight hours. The news outlet, CoinGape also reported on this matter and has noted that many are anticipating a price drop for Bitcoin and the overall crypto market (https://coingape.com/binance-8-hour-shutdown-system-upgrade/).
In particular, many Twitter users have been quoted either suggesting a soon-approaching dip and drops in market volumes. One of the users, namely, “Sisut (@sisutcat)” seems to have noticed a trend amidst Binance upgrades. More specifically, they tweeted that: “after Last binance maintenance BTC hard crash from 6000 to 3000 lol.”
With the probable drawbacks of the Binance upgrades, CoinGape has since stated that many token holders will be watchful of excelling tokens, including the likes of Bitcoin, Binance Coin, Enjin Coin, and Theta.