Binance Resume BTC Withdrawal Service After Congestion

Key Points:

• Binance BTC withdrawal service resumed early this morning.
• Sunday morning US time when the Bitcoin blockchain becomes overloaded with pending transactions and sky-high fees.

The world’s largest cryptocurrency exchange Binance has announced the reopening of Bitcoin (BTC) withdrawal services after nearly a day of suspension due to network congestion.

Before that, withdrawals at Binance were still working, but problems continued with the Bitcoin protocol. As a result, the exchange halted Bitcoin (BTC) withdrawals on Sunday morning US time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees.

“We’ve temporarily closed $BTC withdrawals as the #Bitcoin network is experiencing a congestion issue. Our team is currently working on a fix until the network is stabilized and will reopen $BTC withdrawals as soon as possible. Rest assured, funds are SAFU.”

The company resumed withdrawals within two hours of the first Twitter post about the withdrawal. However, on-chain data shows there are almost 400,000 unconfirmed Bitcoin transactions, higher than any seen during the 2018 and 2021 bull runs.

Average transaction fees have also doubled since March, pushing it to a two-year high. Transaction fees are now just over $8, a change of 309% from a year ago.

The Bitcoin inscription token, known by the BRC-20 standard designator, currently has a market cap of $482 million across 14,000 tokens. According to the head of content at Luxor Technologies, a full Bitcoin mining team says that the biggest difference today between this transaction fee increase and past transaction fee increases is the standard The BRC-20 standard is a new way to record. The adoption of this standard is driving up fees.

Currently BTC is trading at $28,624.

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