Bitcoin (BTC) fell below the $28,000 level right after Binance, the largest crypto exchange by trading volume, temporarily suspended spot trading due to an error.
Following the resumption of trading activity on Binance, the popular cryptocurrency saw a price recovery.
Binance cited a bug related to the matching engine as a reason for the suspension.
- As a result of the error, all the deposits and withdrawals were paused on the platform.
- Explaining the error, Binance CEO Changpeng Zhao (CZ) assured on Twitter that the customer funds were safe and the issue would probably not have any significant impact on the market.
- After a few hours of suspension, the popular crypto exchange resumed all trading activity.
- BTC saw a $700 sell-off before recovering.
- Ether (ETH) also reacted to the incident by retreating to around $1,750 from over $1,800.
BTC surpassed $28,000 on March 19, reaching the highest level over the last nine months.
