Binance re-opens bitcoin withdrawals after brief suspension, blames ‘severe network congestion’

By Investor Empires On May 8, 2023

Binance, the world’s largest cryptocurrency exchange, has reopened bitcoin (BTC) withdrawals after a one-hour suspension, according to the latest data on May 7.

Binance stops BTC withdrawals

Binance said they have suspended withdrawals on the Bitcoin network due to what they described as “extreme congestion”.

We are temporarily closed BTC dollars Withdrawals in the name of # Bitcoin The network is experiencing congestion.

Our team is currently working on fixing until the network is stable and reopened BTC dollars Withdrawals as quickly as possible.

Rest assured, funds are SAFU.

– Binance (binance) May 7, 2023

Despite taking this unpopular step, they said their tech team is working hard behind the scenes to create a short-term solution to the problem. Binance has remained optimistic that the network will stabilize, allowing for fast and low-cost transactions on the Bitcoin network.

To further reassure its customers, Binance said that all funds are safe and customers have nothing to fear.

The current crowd on Bitcoin may be due to the growing popularity of tokens that are similar to non-fungible tokens (NFTs). It is even made worse by the recently released BRC-20 standard. The latest reports show that more than 400,000 transactions are pending in the mempool. The number ranged between 397,000 and 403,000 in the past hours.

Since then, Binance has allowed BTC withdrawals an hour after stopping transfers.

BTC dollars Withdrawals are now resumed # Finance.

We thank you for your patience and apologize for any inconvenience.

– Binance (binance) May 7, 2023

It is unclear if the issue has since been resolved memball It shows that unconfirmed transactions are still above 400k. This means that despite Binance’s move, the Bitcoin network is crowded.

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Mounting inscriptions and BRC-20 symbols

More than 4.3 million cryptocurrencies have been added and stored in Bitcoin through the Bitcoin Ordinals platform. Over the past few weeks, the number of engravings has risen steadily

The latest data from Dune Analytics Offers Almost 320,000 tokens are being added to bitcoin blocks every day, a 16-fold increase from the early days.

The recent increase in tokens can be attributed to the emergence of the BRC-20, with some exchanges, including Binance, listing tokens that conform to this standard. PEPE is one of the most common BRC-20 tokens. Its market capitalization is more than $1 billion.