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Crypto roundup: Bitcoin slides, Solana falls and Binance freezes dogecoin withdrawals

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Crypto roundup: Bitcoin slides, Solana falls and Binance freezes dogecoin withdrawals
Crypto exchange Binance temporarily suspended withdrawals of meme token dogecoin following an upgrade on Thursday. Photo: Getty

Major cryptocurrencies were down on Friday morning after coming off recent all-time highs from earlier this week.

Bitcoin (BTC-USD), the world's biggest cryptocurrency, was down by over 1.7% and was trading at $64,294 (£48,020).

Bitcoin's price was down on Friday, after all time highs earlier this week. Chart: Yahoo Finance UK
Bitcoin's price was down on Friday, after all time highs earlier this week. Chart: Yahoo Finance UK

Ethereum (ETH-USD), the second largest crypto by market cap, was down almost 1.7% and was trading at $4,661.

Bitcoin’s price hit $69,000 on Wednesday, crossing a previous record set late last month. Ethereum had hit a record high of $4,840, surpassing the $4,800 level for the first time ever.

Solana (SOL1-USD), which has seen a recent surge in popularity, soaring in value by more than 15,000% since the beginning of this year, reaching an all-time-high of $260 on 7 November, was also down 7% to trade at $227.

Solana. Chart: Yahoo Finance UK
Solana was down 7% on Friday. Chart: Yahoo Finance UK

Crypto exchange Binance temporarily suspended withdrawals of meme token dogecoin following an upgrade on Thursday.

"We discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10,” Binance said in a post on Thursday morning

"As a result, we have temporarily suspended DOGE network withdrawals until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue," Binance said, while reassuring users that they could still withdraw dogecoin on other networks.

Dogecoin. Chart: Yahoo Finance UK
Dogecoin fell on Friday. Chart: Yahoo Finance UK

Some users have complained that the upgrade initiated the withdrawal of dogecoin from their accounts without their consent, and then asked them to return the dogecoin that they do not currently have in their Binance accounts.

Binance developers explained that the initial withdrawal transactions appear to have been follow-up attempts to carry out requested transactions from years ago that were "stuck" due to "insufficient fees" even when the users no longer own the coins anymore.

Dogecoin fell over 2.5% on Friday to trade at $0.255054.

Watch: What are the risks of investing in cryptocurrency?

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