Bitcoin fell to start the week, extending losses from a sharp drop over the weekend following reports by one of the biggest crypto exchanges in the world about “congestion” on the Bitcoin network. The price of bitcoin was lower by about 4% at $27,787.05, according to Coin Metrics. It has fallen more than 5% since Saturday. Ether fell more than 3% on Monday to $1,856.87. “Reports of a large bitcoin outflow and withdrawals being paused at a major exchange could be factoring into some of the weakness we’re seeing. Ultimately however, there haven’t been any major developments as far as price action goes, with bitcoin still very much confined to a multiday bullish consolidation,” said Joel Kruger, market strategist at LMAX Group. “Only a break back below $25,000 would give reason for concern. Until then, we suspect dips will continue to be very well supported,” he added. Monday’s drop came after Binance tweeted Sunday that the Bitcoin network was “experiencing a congestion issue” and that it was temporarily closing bitcoin withdrawals as a result until the network stabilized. Some market participants have argued that the Bitcoin network is stable and Binance should have prepared for a high-fee environment on Bitcoin.
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