Binance is working to allow Bitcoin (BTC) lightning community withdrawals for its customers after experiencing points because of the quantity of pending transactions.
In a Could 8 Twitter thread, the trade defined that it needed to quickly pause BTC withdrawals because of the giant quantity of pending transactions. It continued that there have been giant volumes of BTC withdrawal transactions from the trade that have been but to be processed.
In accordance with Binance, the latest surge in BTC fuel charges brought on this failure. Nonetheless, it mentioned it might substitute pending transactions with larger charges so mining swimming pools might course of them.
The trade ultimately reopened BTC withdrawals after about 2 hours, saying that it had elevated the transaction charges.
“To stop an identical recurrence sooner or later, our charges have been adjusted. We are going to proceed to watch on-chain exercise and alter accordingly if wanted,” it added.
In the meantime, this isn’t the primary time Binance has paused BTC withdrawals. The trade had earlier paused withdrawals on Could 7 for about one hour. On the time, it cited community congestion points.
There have additionally been cases the place Binance paused withdrawals and deposits for different digital belongings resulting from technical points on the trade. In December 2022, the trade paused USDC withdrawals as a result of the trade was conducting a token swap involving the Circle-backed stablecoin.
BTC community charges surge
Bitcoin transaction charges have risen considerably in the previous few months and are presently round $10 after rising to as excessive as $26 a couple of hours in the past. There are additionally over 424,000 unconfirmed transactions on the community as of press time.
Whereas $10 may appear low, it’s comparatively excessive, provided that Bitcoin transaction charges have been round $1 about six months in the past. Binance CEO Changpeng Zhao mentioned the rise in transaction charges is an indication of a bull market.
Blockchain analytical agency Glassnode reported that the community was “experiencing extraordinarily excessive demand for blockspace pushed by BRC-20 tokens, using text-based inscriptions, and ordinals.”
Glassnode added that the common charge paid per block has risen to 2.9 BTC — almost as excessive as previous bull peaks.
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