In a recent development, Gate.io, a leading Bitcoin exchange platform, issued an official announcement on November 2, 2023, addressing a temporary withdrawal delay that occurred earlier in the day. On the other hand, Kraken also reported that there was a delay in cryptocurrency transactions. Here are the details…
Bitcoin exchange Gate.io experienced trouble for 6 hours
Bitcoin exchange, Gate.io, experienced difficulty in withdrawing coins for six hours. Officials said that this was a technical problem. It also said users were experiencing delays in processing withdrawal requests. However, it reported that these delays were promptly resolved after several hours of technical troubleshooting. As of now, withdrawal services remain completely seamless. In the official statement, Gate.io users were assured that withdrawal records submitted before the delay will be queued for processing as usual. This means users do not need to cancel or resubmit withdrawal requests. This announcement comes as a relief to traders and investors who rely on Gate.io for cryptocurrency transactions.
In addition to the withdrawal issue, Gate.io also announced an important development for its users. Starting in November 2023, the exchange will issue 100% reserve certificates every month. These certificates will cover a wide range of cryptocurrencies, initially exceeding 100 currencies and gradually expanding to cover 1,000 different crypto assets. To adapt to these changes, Gate.io notified community members that withdrawal services will be temporarily suspended for 24 hours. After this period, users will be able to continue their activities on the platform without any disruption. The exchange also says it provides full transparency in the process by providing detailed instructions for customers to verify exactly when security changes were implemented.
Kraken also had problems
In a separate but related development, cryptocurrency exchange Kraken also reported on November 2, 2023 that it was investigating delays in cryptocurrency withdrawals and deposits. cryptokoin.com As we reported, the recent rise in Bitcoin price may be behind this intensity in the stock markets. Bitcoin price rose to $35,000 as a result of FOMC statements and MicroStrategy’s BTC purchase. Cryptocurrency markets also showed significant activity in response to the Fed’s decision.
Solana (SOL) led this movement, reaching a 14-month high with a significant increase of 16%. Other native tokens of layer-1 networks such as Avalanche (AVAX), Polkadot (DOT), and Near Protocol (NEAR) rose between 6% and 10%. Decentralized finance (DeFi) tokens, which slumped throughout October, rebounded, with Uniswap (UNI) and Aave (AAVE) advancing 15% and 10% respectively. Ether (ETH), the second-largest cryptocurrency by market cap, outperformed Bitcoin (BTC) with an increase of nearly 2%. In this case, unfortunately, it is normal for users to try to withdraw money from the exchanges and encounter congestion.