Bitcoin Network Faces Temporary Withdrawal Suspension on Binance

Bitcoin Network Maintenance on Binance

The Bitcoin network will experience a brief suspension of withdrawals on November 3 due to scheduled maintenance by Binance. This routine maintenance is set to begin at 2:00 a.m. (UTC) and is anticipated to last approximately 30 minutes. During this period, while withdrawals will be paused, users can continue to deposit and trade digital assets on the Bitcoin network without any disruptions. Following the completion of maintenance, withdrawals are expected to resume, although Binance may not issue a subsequent announcement to inform users.

Bitcoin Price Reaches New Highs

Bitcoin has reached new year-to-date highs, peaking at $35,997 in recent trading sessions. This increase follows a strong performance throughout the week, pushing Bitcoin's price beyond the $35,000 resistance level that had previously impeded its upward momentum over the past fortnight. At the time of reporting, Bitcoin's value was approximately $35,423, reflecting a 2.88% increase in the last 24 hours.

Federal Reserve's Monetary Policy Update

In related financial news, the Federal Open Market Committee (FOMC) of the United States Federal Reserve opted to maintain the current benchmark fed funds rate. During a news conference, Fed Chairman Jerome Powell remarked on the impact of rising U.S. Treasury yields on tightening financial conditions. Despite this, he indicated openness to a potential rate hike should economic conditions necessitate such action.

This overview highlights the key developments affecting the Bitcoin market and broader financial conditions, providing insights into both the technical and economic factors influencing Bitcoin's current trajectory.