Bitcoin Network to Experience Temporary Withdrawal Suspension on Binance

Binance's Scheduled Maintenance

The Bitcoin network is set to experience a temporary suspension of withdrawals on November 3, as Binance conducts routine wallet maintenance. This maintenance will begin at 2:00 a.m. (UTC) and is expected to last approximately 30 minutes. Despite the withdrawal suspension, deposits and trading activities on the Bitcoin network will remain unaffected. Binance plans to resume withdrawals post-maintenance without issuing further notifications.

Bitcoin's Price Surge

Bitcoin has recently achieved new year-to-date highs, with prices soaring to $35,997. This upward trend began earlier in the week, pushing Bitcoin above the $35,000 mark, breaking past previous resistance levels. At the time of reporting, Bitcoin was trading at approximately $35,423, marking a 2.88% increase over the last 24 hours.

Federal Reserve's Impact

In related financial news, the U.S. Federal Reserve's Federal Open Market Committee (FOMC) decided to maintain the benchmark fed funds rate. During the subsequent news conference, Fed Chairman Jerome Powell highlighted that an increase in U.S. Treasury yields has contributed to tighter financial conditions. While the current rate remains unchanged, Powell indicated the possibility of future rate hikes if deemed necessary.

This series of events underscores the dynamic nature of the cryptocurrency market, with routine maintenance activities by major exchanges like Binance and broader economic indicators such as Federal Reserve announcements influencing Bitcoin's trajectory.