Cryptocurrency market free fall causes delays in Ripple withdrawals on Bithumb.
Bithumb, one of South Korea’s leading cryptocurrency exchanges, has formally announced that XRP withdrawals are taking longer than expected due to an unexpected spike in transaction volume.
In an official announcement, the exchange said: “Due to the increase in Ripple (XRP) withdrawal volume, the withdrawal is temporarily taking time to complete.”
To address this issue, Bithumb explained that withdrawals are being processed on a first-come, first-served basis while it attempts to fix the issue. Additionally, the exchange promised users that regular trading would soon return and that they would receive updates as events unfold.
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The cryptocurrency market is currently facing high volatility, which coincides with this delay. The world’s largest cryptocurrency, Bitcoin, has fallen precipitously and is now trading at $94,208, at the time of writing. This represents a significant price drop of 7.98% over the past day, which is indicative of the current market decline.
The price of XRP, Ripple’s native cryptocurrency, has also fallen precipitously, falling to $2.06, a 30% drop from its recent high of $2.9.
Source: CoinmarketCap
Processing XRP transactions may take longer than expected due to the increase in cryptocurrency withdrawals and general market volatility.
Users of Bithumb and other exchanges are encouraged to monitor official statements and updates for further developments regarding withdrawal processing timelines, as the cryptocurrency market continues to decline.
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