Bitcoin Takes a Hit after Binance Outage Pulls BTC Down to $108K
Bitcoin is down following a three-hour technical outage on the Binance platform, which happened not long after Bitcoin struggled to climb.
Quick overview
- Bitcoin (BTC) fell to $108,828 following a technical outage on the Binance exchange, resulting in a 2.32% drop in value.
- The outage lasted nearly three hours, during which Binance suspended all futures trading and later resolved the issue.
- Despite the recent decline, investors remain optimistic and are expected to buy the dip, potentially pushing Bitcoin back above $110K soon.
- Positive economic indicators, including a strong GDP report and potential interest rate cuts, may further support Bitcoin's recovery.
Live BTC/USD Chart
Bitcoin (BTC) fell to $108,828 (BTC/USD) when the Binance cryptocurrency exchange platform experienced an outage, and this has come at an inconvenient time for the digital token.
Bitcoin was low when a Binance outage occurred on Friday. The coin had managed to climb from $109K back up to $113K, but it is now down to $108K. For almost three hours, all futures trading was suspended on the Binance platform as a technical outage hit them. Two hours into the outage, Binance addressed the issue and said they were working on the problem. Then, an hour later, they had the platform back up and running.
BTC/USDHow Has Bitcoin Been Affected?
Bitcoin dived as soon as trading commenced on the platform, losing 2.32% very quickly. It’s market cap is down 3.66% right now, and over the last week, the coin has lost 5.37% of its value. This was not a good time for the coin to take a hit like this, but it could recover somewhat later in the day.
Investors may buy the dip quickly, though, and help bring Bitcoin back up. This is the lowest we have seen the coin since late June, and we fully expect that investors will take full advantage of Bitcoin’s lower price. We anticipate that the coin will be back above $110K soon, perhaps as early as later in the day.
Investors are bullish on Bitcoin right now, and it is obvious that they expect the token to climb fast over the weekend. There are positive factors to help lift the coin as well, primarily the relative strength of the stock market which is posting record highs across all three major indices.
The cryptocurrency market should also be helped by Thursday’s United States GDP report which showed better than expected numbers. Later in the day, there will be a consumer index report that could help push Bitcoin higher as well. There is also the possibility that the Federal Reserve will announce an interest rate cut soon, which should lift not just the stock market but the cryptocurrency market as well.
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