Binance’s temporary suspension has hurt the cryptocurrency’s trading volumes over the ast couple of sessions
The IOTA price (MIOTA/USD) has had a relatively quiet Friday trading session, as the cryptocurrency recovery rally has begun to slow down.
The ‘Internet-of-Things coin’ has showed a robust performance yesterday, rising more than 10% during the session. The close of $1.78 was IOTA’s highest in five days, data from cryptocurrency tracker Coinmarketcap shows.
The rally has shown signs of exhaustion in today’s session, with the 10th largest cryptocurrency trading sideways for the better part of the session. The IOTA price is currently hovering around $1.80.
IOTA continues to experience slow trading, as shown by its low trading volume levels. The market data shows that only $51.7 million worth of IOTA tokens have exchanged hands over the past 24 hours. Once again Bitfinex is the most popular destination for IOTA trading, as it captures just over 50% of that volume. South Korea’s Coinone exchange accounts for 21.5% of that volume.
IOTA’s trading volumes have been impacted by the sudden suspension of Binance’s operation. The Shanghai-based cryptocurrency exchange, which is a major contributor to IOTA’s trading volumes, announced on Wednesday that it was temporarily halting its trading activities due to sever issues. The announcement initially sparked concerns among users that the suspension might have been caused by a cyber-attack. This forced the company’s founder and chief executive officer Zhao Changpeng to publicly deny the hacking rumour, insisting that the suspension was necessary for a system upgrade to be completed.
In an update issued earlier today, Binance announced that, as of 10:00 GMT, it was resuming all trading activities. However, in a subsequent tweet Zhao warned customers that they might experience some issues when trying to access Binance.com, because the website’s cloud provider was under DDoS attack. While the threat had been resolved, Zhao said that there were still “some lingering effects”.
In today’s trading, the IOTA price stood at $1.83, as of 13:48 GMT. The price has seen little change in the past 24 hours.