Important Binance Update Concerning Cosmos (ATOM) Users

TL;DR

• Binance Supports Cosmos (ATOM) Upgrade: Binance, the world’s largest cryptocurrency exchange by volume, announced its support for the upcoming upgrade of the Cosmos (ATOM) network, scheduled at block height 18,262,000 on December 13.
• Temporary Halt of ATOM Transactions: In preparation for the upgrade, Binance will temporarily suspend ATOM deposit and withdrawal services one hour before the upgrade, with plans to resume these services post-upgrade when the network stabilizes.
• ATOM’s Market Response: Following the announcement, ATOM’s price remained stable, trading around $11, consistent with its valuation on December 12. The token has shown an upward trend recently, gaining 11% weekly and almost 20% over the last 14 days.

The world’s largest cryptocurrency exchange by trading volume – Binance – disclosed it will support the advancement of the Cosmos (ATOM) network. The latter will be upgraded at block height 18,262,000 on December 13.

As part of the initiative, Binance plans to cease ATOM deposits and withdrawal services of the aforementioned network one hour before the development is due.

“Binance will reopen the deposit and withdrawal services of relevant tokens after this network upgrade, and when the network is stable and stable, no further announcement will be made,” the company added.

ATOM’s price experienced little-to-no volatility following the announcement. It currently trades at around $11, approximately the same valuation observed on December 12. 

However, the token has been on an uptrend lately, soaring 11% on a weekly basis and almost 20% in the last 14 days.