• Binance, the world’s largest crypto exchange, temporarily paused bitcoin (BTC) withdrawals due to Bitcoin network congestion and high fees.
• On-chain data shows that there are nearly 400,000 unconfirmed Bitcoin transactions with an average transaction fee of $8.
• The current fee spree is being attributed to the adoption of the BRC-20 standard for Bitcoin inscription tokens.
Binance Halts Withdrawals Due To Network Congestion
Binance, the world’s largest crypto exchange, temporarily paused bitcoin (BTC) withdrawals Sunday morning U.S. time as the Bitcoin blockchain became overwhelmed with pending transactions and sky-high fees. The company resumed withdrawals within two hours of its initial Twitter posting about the withdrawals.
High Fees & Unconfirmed Transactions
On-chain data shows that there are nearly 400,000 unconfirmed Bitcoin transactions, which is higher than anything seen during the bull runs of 2018 and 2021. The average transaction fee has also doubled since March, pushing it to a two-year high at just over $8; this is a 309% change from a year ago.
The Reason Behind High Fees
The current fee spree is being attributed to the adoption of the BRC-20 standard for Bitcoin inscription tokens – which currently have a market cap of $482 million across 14,000 tokens – rather than other causes like speculation or manipulation.
Bitcoin Price Movement
Bitcoin is currently trading at $28,935 USDT , down 0.15% in the last 24 hours.
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