Bitcoin fights Binance “FUD” in run-up

 

Bitcoin fights Binance “FUD” in run-up to heavy macro data week

“If the ordinals stuff continues for a while, that’s a lot of buying pressure on BTC just to pay the fees. As always there are good and bad sides to everything.” — Jimmy Song

Welcome to the Cointelegraph Markets weekly newsletter, where we look at the influential factors behind Bitcoin price action for the days ahead. Bitcoin is off to a rough start in the second week of May thanks to network “congestion” repeatedly halting BTC withdrawals at Binance. The latest episode involving the exchange, which CEO Changpeng Zhao has called “FUD,” the freezes have appeared to pressure BTC/USD, which has slid to near two-week lows. High fees and slow transaction times are providing a taste of nostalgia to longtime market participants, some of whom are pointing the finger at bots “spamming” the network. While higher fees are a boon for miners, data nonetheless shows that their overall BTC balances continue to trend lower. How events will unfold into key United States macro data later in the week will thus form a key focus for traders. Cointelegraph investigates these factors and others in what is shaping up to be an exciting week for crypto markets. Continue reading to discover five things to bear in mind when it comes to BTC price activity in the coming days.

Binance CEO rejects fresh “FUD”

Remember the Binance “FUD” following the FTX meltdown? CEO CZ is back to dispel any myths as the exchange halts BTC withdrawals. These, it claims, were due to Bitcoin network “congestion” — which comes as fee rates hit their highest in two years. What’s behind the panic? Some believe that spam bots are at work.

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