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Binance scheduled maintenance: Crypto market fluctuations very probable

crypto market fluctuations

In the wake of the ongoing crypto market fluctuations ravaging the financial world. The largest cryptocurrency exchange in the market, Binance will undergo a ‘Scheduled System Upgrade’ on the 25th of April, 2020. A new window of opportunity for external players to manipulate market prices easily will be created as a result of this move.

Uncertainties of the crypto market fluctuations

It is important to note that during the period of the upgrade, Binance Futures and options trading will remain readily accessible. The upgrade which is scheduled to last up to 4 hours will see basic transactions such as savings, withdrawals, P2P trading, margin, spots, savings redemptions, and asset transfers from sub-accounts halted.

Users will be offered a 30 minutes window to nullify their pending orders, withdrawals, handling of all other account activities, and processing of deposits before trading return to normalcy.

As a result of the incessant, crypto market fluctuations in recent times, the official announcement states that users will be given the opportunity to delete all others that are open on specific symbols because of the new API endpoint.

Possibility for manipulation

The scheduled maintenance upgrade will allow for large external players to move in swiftly and move market prices. Given that maintenance at this time may seem like a more laudable approach for Binance. Manipulation is very much likely to happen.

The official announcement encourages users to be more cautious and responsible. Hence, its futures will not be impacted by the maintenance because this is a vital move in a time of constant crypto market fluctuation.

Ifeanyi Egede

Ifeanyi Egede

Ifeanyi Egede is an experienced and versatile freelance writer and researcher on the blockchain space and related matters with published works online and in the print media. He has close to a decade of writing experience. When he is not writing, he spends time with his lovely wife and kids.

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