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.
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.
“This current fee spree is an anomaly,” CoinDesk previously quoted Colin Harper, head of content at Luxor Technologies, a full-stack Bitcoin mining pool. “Biggest difference now between this jump in transaction fees and past ones with inscriptions is that BRC-20 standard is a new way to inscribe. Adoption of this standard is driving fees up.”
Bitcoin is currently trading at $28,935, down 0.15% in the last 24 hours.
UPDATE (May 7, 2023, 19:16 UTC): Adds line about resumption of withdrawals.
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